Nanox Issues Statement on Unusual Trading Activities

Rhea-AI Summary

NANO-X IMAGING LTD (NASDAQ: NNOX) responded to unusual trading activities attributed to a Citron Research report dated September 15, 2020. The Company refutes the report's allegations, labeling them as baseless and misleading. Nanox is investigating the claims and promises to provide further clarity as necessary. Founded by Ran Poliakine, Nanox is focused on developing a cost-effective digital X-ray source aimed at improving medical imaging accessibility.

Positive

• Company successfully refutes allegations made in Citron Research report.
• Plans to enhance collaboration with leading healthcare organizations for affordable imaging services.

Negative

• Unusual trading activity could indicate market volatility.
• Potential reputational risk due to misleading information from third-party reports.

NEVE ILAN, Israel, Sept. 16, 2020 (GLOBE NEWSWIRE) -- NANO-X IMAGING LTD (NASDAQ: NNOX) (“Nanox” or the “Company”), an innovative medical imaging technology company, today issued a statement in response to unusual trading activities that occurred on September 15, 2020.

Nanox believes the unusual trading activities in its ordinary shares were caused by a report published by Citron Research on September 15, 2020, which contains factual errors and misleading speculations. Nanox believes that the allegations in the report are completely without merit and strongly condemns the publishing of the false and misleading information contained in this report.

The Company is carefully reviewing the report and will provide additional information on the allegations as appropriate.

About Nanox:

Nanox, founded by the serial entrepreneur Ran Poliakine, is an Israeli corporation that is developing a commercial-grade digital X-ray source designed to be used in real-world medical imaging applications. Nanox believes that its novel technology could significantly reduce the costs of medical imaging systems and plans to seek collaborations with world-leading healthcare organizations and companies to provide affordable, early detection imaging service for all. For more information, please visit www.nanox.vision.

Forward-Looking Statements:

This press release may contain forward-looking statements that are subject to risks and uncertainties. All statements that are not historical facts contained in this press release are forward-looking statements. Such statements include, but are not limited to, any statements relating to the initiation, timing, progress and results of Nanox's research and development, manufacturing and commercialization activities with respect to its X-ray source technology and the Nanox.Arc. In some cases, you can identify forward-looking statements by terminology such as “can,” “might,” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “should,” “could,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. Forward-looking statements are based on information Nanox has when those statements are made or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause actual results to differ materially from those currently anticipated include: risks related to business interruptions resulting from the COVID-19 pandemic or similar public health crises could cause a disruption of the development, deployment or regulatory clearance of the Nanox System and adversely impact our business; Nanox's ability to successfully demonstrate the feasibility of its technology for commercial applications; Nanox's expectations regarding the necessity of, timing of filing for, and receipt and maintenance of, regulatory clearances or approvals regarding its X-ray source technology and the Nanox.Arc from regulatory agencies worldwide and its ongoing compliance with applicable quality standards and regulatory requirements; Nanox's ability to enter into and maintain commercially reasonable arrangements with third-party manufacturers and suppliers to manufacture the Nanox.Arc; the market acceptance of the Nanox.Arc and the proposed pay-per-scan business model; Nanox's expectations regarding collaborations with third-parties and their potential benefits; and Nanox's ability to conduct business globally, among others. Except as required by law, Nanox undertakes no obligation to update publicly any forward-looking statements after the date of this press release to conform these statements to actual results or to changes in Nanox's expectations.

Contact:

Itzhak Maayan
Nanox Imaging
IR@nanox.vision

Bob Yedid
LifeSci Advisors
646-597-6989
bob@lifesciadvisors.com

FAQ

What caused the unusual trading activity for NNOX on September 15, 2020?

The unusual trading activity for NNOX was caused by a report published by Citron Research that contained factual errors and misleading speculations.

How did Nanox respond to the Citron Research report?

Nanox issued a statement strongly condemning the Citron Research report, asserting that the allegations were completely without merit.

What is Nanox's focus in medical imaging technology?

Nanox is developing a commercial-grade digital X-ray source designed to reduce costs and improve accessibility in real-world medical imaging applications.

Who is the founder of Nanox?

Nanox was founded by Ran Poliakine, a serial entrepreneur.