LEWISVILLE, Texas--(BUSINESS WIRE)--As previously disclosed, Orthofix International N.V. (NASDAQ: OFIX) (the “Company”) requested an extension from a NASDAQ Hearings Panel (the “Hearings Panel”) to permit additional time for the Company to complete and file its two delayed quarterly reports, as well as the amended reports containing its restatement for prior periods. On January 15, 2015, the Company received notice from NASDAQ’s Office of General Counsel that the Hearings Panel granted the Company continued listing through March 31, 2015, conditioned upon the Company being current in its filing obligations with the Securities and Exchange Commission (the “SEC”).
On March 18, 2015, the Company received an anticipated letter from NASDAQ noting that the 2014 Annual Report on Form 10-K had not been filed by its due date with the SEC on March 16, 2015 and, as such, represented an additional basis for non-compliance with Listing Rule 5250(c)(1).
The Company continues to work to complete the procedures needed to file its two delayed quarterly reports and the amended reports containing its restatement for prior periods, as well as its 2014 Annual Report on Form 10-K. As requested by the letter from NASDAQ, the Company will be providing a written update to the Hearings Panel regarding these matters on or before March 25, 2015.
Orthofix International N.V. is a diversified, global medical device company focused on improving patients’ lives by providing superior reconstructive and regenerative orthopedic and spine solutions to physicians worldwide. Headquartered in Lewisville, TX, the company has four strategic business units that include BioStim, Biologics, Extremity Fixation and Spine Fixation. Orthofix products are widely distributed via the company’s sales representatives, distributors and subsidiaries. In addition, Orthofix is collaborating on research and development activities with leading clinical organizations such as the Musculoskeletal Transplant Foundation and the Texas Scottish Rite Hospital for Children. For more information, please visit www.orthofix.com.
This communication contains certain forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which may include, but are not limited to, statements concerning the projections, financial condition, results of operations and businesses of Orthofix and its subsidiaries and are based on management’s current expectations and estimates and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements.
The forward-looking statements in this release do not constitute guarantees or promises of future performance. Factors that could cause or contribute to such differences may include, but are not limited to, risks relating to the uncertain results and timing of our anticipated filing of restated financial statements for prior periods, the anticipated magnitude and nature of error corrections reflected by such filings, the timing of the filing of our late Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K, potential delisting of our securities from the NASDAQ Stock Market, as well how these matters may impact our expenses, liquidity, legal liability, borrowing ability, product sales, relationships with customers, suppliers, strategic partners and third party reimbursement providers, ongoing compliance obligations under our corporate integrity agreement with the Office of Inspector General of the Department of Health and Human Services, deferred prosecution agreement with the U.S. Department of Justice and consent decree with the SEC, ability to remain in compliance with covenants and other obligations under our senior secured credit agreement, the cost and nature of our insurance coverage, and other factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and other subsequent periodic reports filed by the Company with the SEC. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.