Xtent, Inc. (XTNT) Announces Receipt of Non Compliance Notice from NYSE
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Xtant Medical Holdings, Inc. (NYSE: XTNT), a leader in the development, manufacturing and marketing of orthopedic products for domestic and international markets, today announced that the NYSE MKT LLC (the "Exchange") notified the Company that it is not in compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the Company Guide due to negative stockholders equity of approximately $496,000 as of June 30, 2016 and net losses in five of the most recent fiscal years. Previously, the Company was exempt from the minimum stockholders equity requirement since (i) at least 1,100,000 shares are publicly held, (ii) a market value of publicly held shares was at least $15,000,000, (iii) there were 400 round lot shareholders, and (iv) the market capitalization of its public float was more than the required $50,000,000 or total assets and revenue of $50,000,000 each in our last fiscal year, or in two of our last three fiscal years. However, this exemption is no longer available due to the recent decline of the Company's common stock price.
The Company must submit a plan by September 15, 2016 advising actions it has taken or will take to regain compliance with the continued listing standards by February 15, 2018. If the Company does not submit a plan or if the plan is not accepted, delisting proceedings will commence. Furthermore, if the plan is accepted but the Company is not in compliance with the continued listing standards by February 15, 2018 or if the Company does not make progress consistent with the plan during the plan period, the Exchange staff can initiate delisting proceedings as appropriate. The Company may appeal a staff delisting determination in accordance with Section 1010 and Part 12 of the Company Guide.
"We are well in the process of developing a plan to resolve this matter and are confident that our plan will be accepted by the Exchange and that we will resolve this matter within the required time frame", said Dan Goldberger, Chief Executive Officer of Xtant Medical Holdings.
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