EXETER,
N.H., Dec. 11, 2023 /PRNewswire/ -- Vapotherm,
Inc. (NYSE: VAPO), ("Vapotherm" or the "Company") today announced
its intention to voluntarily delist its common stock from The New
York Stock Exchange ("NYSE") and its filing of an application to
have its common stock quoted on the OTCQX Marketplace
("OTCQX").
Vapotherm provided notice of the voluntary delisting to the NYSE
on December 11, 2023 and intends to
timely file a Form 25 with the Securities and Exchange Commission
(the "SEC") to effect the delisting. It is anticipated that the
delisting will become effective on or about December 31, 2023. Although the timing of the
Company's decision was driven in part by the determination it could
soon fall out of compliance with the NYSE $15 million market capitalization requirement,
the Company has been evaluating its listing options for some time
and has concluded that, for Vapotherm, the cost of an NYSE
listing, and the management attention required to maintain
compliance with NYSE listing standards, outweighs the benefits of
being listed on that exchange. Eliminating the effort
required to maintain compliance with NYSE listing standards will
better enable the Company to focus on its customers, its business,
and the patients whose lives are enhanced as a result of its work.
The Company has made an application to have its common stock quoted
on OTCQX and expects that the common stock will be quoted on the
OTCQX under its current trading symbol "VAPO" on the next trading
day after NYSE trading is no longer available, subject to the
approval of the OTCQX. The Company expects that transferring its
shares to the OTCQX will enable its investors to hold and trade its
shares without interruption.
The Company will remain subject to the periodic reporting
requirements of the Securities Exchange Act of 1934, as amended,
following the delisting of its common stock from the NYSE.
Stockholders will not be required to exchange any shares, and the
Company expects electronic trading to be available without any
material disruption.
This announcement follows the Company's previously disclosed
receipts of notices from the NYSE that the Company is out of
compliance with the NYSE's continued listing standards. The Company
has taken actions to remain in compliance, including a reverse
stock split, and has been evaluating its options with respect to
its NYSE listing after discussions and deliberations on these
matters. Ultimately, the Company's Board of Directors determined
that it is in the best interests of the Company and its
stockholders to voluntarily delist the Company's common stock from
the NYSE and move to the OTCQX at this time instead of continuing
efforts to satisfy the NYSE continued listing requirements.
About Vapotherm
Vapotherm, Inc. (NYSE: VAPO) is a publicly traded developer and
manufacturer of advanced respiratory technology based in
Exeter, New Hampshire, USA. The
Company develops innovative, comfortable, non-invasive technologies
for respiratory support of patients with chronic or acute breathing
disorders. Over 4.1 million patients have been treated with the use
of Vapotherm high velocity therapy® systems. For more information,
visit www.vapotherm.com.
Vapotherm high velocity therapy is mask-free non-invasive
respiratory support and is a front-line tool for relieving
respiratory distress—including hypercapnia, hypoxemia, and dyspnea.
It allows for the fast, safe treatment of undifferentiated
respiratory distress with one tool. The HVT 2.0 and Precision Flow
systems' mask-free interface delivers optimally conditioned
breathing gases, making it comfortable for patients and reducing
the risks and care complexities associated with mask therapies.
While being treated, patients can talk, eat, drink and take oral
medication.
Website Information
Vapotherm routinely posts important information for investors on
the Investor Relations section of its website, http://
investors.vapotherm.com/. Vapotherm intends to use this website as
a means of disclosing material, non-public information and for
complying with Vapotherm's disclosure obligations under Regulation
FD. Accordingly, investors should monitor the Investor Relations
section of Vapotherm's website, in addition to following
Vapotherm's press releases, SEC filings, public conference calls,
presentations and webcasts. The information contained on, or that
may be accessed through, Vapotherm's website is not incorporated by
reference into, and is not a part of, this document.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements under the
Private Securities Litigation Reform Act of 1995, including
statements about the delisting of the Company's common stock and
the future quotation of the Company's common stock on the OTCQX and
the timing thereof. In some cases, you can identify
forward-looking statements by terms such as "expect," "anticipate,"
"continue," "plan," "intend," "will," or "typically," or the
negative of these terms or other similar expressions, although not
all forward-looking statements contain these words, and the use of
future dates. Each forward-looking statement is subject to risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied in such statement.
Applicable risks and uncertainties include, but are not limited to
risks associated with the delisting of the Company's common stock
from the NYSE, its application to the OTCQX, the timing of such
actions and their effect on the trading or price of the Company's
common stock, and the other risks and uncertainties included under
the heading "Risk Factors" in Vapotherm's Annual Report on Form
10-K for the fiscal year ended December 31,
2022, as filed with the SEC on February 23, 2023, and in its subsequent filings
with the SEC, including its Quarterly Report on Form 10-Q for the
quarterly period ended September 30,
2023. The forward-looking statements contained in this press
release reflect Vapotherm's views as of the date hereof, and
Vapotherm does not assume and specifically disclaims any obligation
to update any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
Investor Relations Contacts:
John Landry, SVP & CFO,
ir@vtherm.com, +1 (603) 658-0011
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SOURCE Vapotherm, Inc.
