SS Innovations Issues Update on Status of Audit Process and Trading Market for Common Stock
SS Innovations International (OTC: SSII), a developer of surgical robotic technologies, has issued an update on its audit process and trading status. The company's previous auditor, BF Borgers CPA PC, was barred by the SEC, leading to the appointment of BDO India as the new auditor. SSII is undergoing a reaudit of its financial statements for 2022 and 2023, along with an internal review of accounting policies and controls.
Due to delayed filings, SSII's stock has been moved to the Expert Market Tier with liquidity. The company is working to complete the reaudit and become current with SEC reporting to restore its OTC Pink Tier status. Despite these challenges, SSII's operations and growth remain unaffected. The company recently added two experienced independent directors to its board and continues to develop its SSi Mantra surgical robotic system.
SS Innovations International (OTC: SSII), un sviluppatore di tecnologie robotiche chirurgiche, ha pubblicato un aggiornamento sul processo di audit e sullo stato delle negoziazioni. Il precedente revisore dell’azienda, BF Borgers CPA PC, è stato escluso dalla SEC, portando all'appuntamento di BDO India come nuovo revisore. SSII sta affrontando un reaudit dei propri bilanci per il 2022 e il 2023, insieme a una revisione interna delle politiche contabili e dei controlli.
A causa dei ritardi nei depositi, le azioni di SSII sono state trasferite al Mercato Esperto con liquidità. L'azienda sta lavorando per completare il reaudit e diventare attuale con le segnalazioni alla SEC per ripristinare il proprio status nel OTC Pink Tier. Nonostante queste sfide, le operazioni e la crescita di SSII rimangono inalterate. L'azienda ha recentemente aggiunto due direttori indipendenti esperti al proprio consiglio e continua a sviluppare il suo sistema robotico chirurgico SSi Mantra.
SS Innovations International (OTC: SSII), un desarrollador de tecnologías robóticas quirúrgicas, ha emitido una actualización sobre su proceso de auditoría y estado de negociación. El anterior auditor de la empresa, BF Borgers CPA PC, fue inhabilitado por la SEC, lo que llevó al nombramiento de BDO India como nuevo auditor. SSII está llevando a cabo una reauditoría de sus estados financieros para 2022 y 2023, junto con una revisión interna de las políticas contables y de control.
Debido a los retrasos en los depósitos, las acciones de SSII han sido trasladadas al Mercado Experto con liquidez. La empresa está trabajando para completar la reauditoría y ponerse al día con los informes a la SEC para restaurar su estado en el OTC Pink Tier. A pesar de estos desafíos, las operaciones y el crecimiento de SSII permanecen inalterados. La empresa ha agregado recientemente a dos directores independientes experimentados a su junta y continúa desarrollando su sistema robótico quirúrgico SSi Mantra.
SS Innovations International (OTC: SSII), 수술 로봇 기술 개발업체,는 감사 프로세스 및 거래 상태에 대한 업데이트를 발표했습니다. 회사의 이전 감사인인 BF Borgers CPA PC는 SEC에 의해 금지되었으며, 이는 BDO India를 새로운 감사인으로 임명하는 결과를 가져왔습니다. SSII는 2022년 및 2023년 재무제표의 재감사와 회계 정책 및 통제에 대한 내부 검토를 진행 중입니다.
서류 제출 지연으로 인해 SSII의 주식은 유동성이 있는 전문 시장 계층으로 이동되었습니다. 이 회사는 재감사를 완료하고 SEC 보고서를 최신 상태로 유지하기 위해 노력하고 있으며, OTC Pink Tier 상태를 복구하려고 합니다. 이러한 도전에도 불구하고 SSII의 운영과 성장에는 변함이 없습니다. 최근 회사는 이사회에 두 명의 경험 많은 독립 이사를 추가했으며 SSi Mantra 수술 로봇 시스템 개발을 계속하고 있습니다.
SS Innovations International (OTC: SSII), un développeur de technologies robotiques chirurgicales, a publié une mise à jour sur son processus d'audit et son statut de négociation. L'ancien auditeur de l'entreprise, BF Borgers CPA PC, a été banni par la SEC, ce qui a conduit à la nomination de BDO India en tant que nouvel auditeur. SSII est en train de procéder à une réaudit de ses états financiers pour 2022 et 2023, ainsi qu'à un examen interne des politiques et contrôles comptables.
En raison des dépôts retardés, les actions de SSII ont été transférées au marché expert avec liquidité. L'entreprise travaille à finaliser la réaudit et à se mettre à jour avec les rapports de la SEC afin de rétablir son statut au sein du OTC Pink Tier. Malgré ces défis, les opérations et la croissance de SSII restent inchangées. L'entreprise a récemment ajouté deux administrateurs indépendants expérimentés à son conseil et continue de développer son système robotique chirurgical SSi Mantra.
SS Innovations International (OTC: SSII), ein Entwickler von chirurgischen Robotertechnologien, hat ein Update zu seinem Prüfprozess und Handelsstatus veröffentlicht. Der frühere Prüfer des Unternehmens, BF Borgers CPA PC, wurde von der SEC ausgeschlossen, was zur Ernennung von BDO Indien als neuem Prüfer führte. SSII unterzieht sich einer Neuauditierung seiner Finanzberichte für 2022 und 2023 sowie einer internen Überprüfung der Rechnungslegungsrichtlinien und -kontrollen.
Aufgrund verzögerter Einreichungen wurde die Aktie von SSII in die Expert Market Tier mit Liquidität verschoben. Das Unternehmen arbeitet daran, die Neuauditierung abzuschließen und den aktuellen Stand der SEC-Berichterstattung wiederherzustellen, um seinen Status im OTC Pink Tier wiederherzustellen. Trotz dieser Herausforderungen bleiben die Operationen und das Wachstum von SSII unbeeinflusst. Das Unternehmen hat kürzlich zwei erfahrene unabhängige Direktoren in seinen Vorstand aufgenommen und entwickelt weiterhin sein chirurgisches Robotersystem SSi Mantra.
- Appointment of BDO India as new independent registered public accounting firm
- Addition of two experienced independent directors to the board
- Ongoing development of SSi Mantra surgical robotic system
- Indian Medical Device regulatory approval received for SSi Mantra system
- Clinical validation of SSi Mantra in over 70 types of surgical procedures in India
- Regulatory approval process initiated in the United States and European Union
- Restatement of audited financial statements for 2022 and 2023
- Restatement of unaudited financial statements for Q1 2023 to Q1 2024
- Delayed filing of Q2 2024 Form 10-Q
- Stock moved to Expert Market Tier with extremely liquidity
- Potential delay in uplisting plans due to audit and filing issues
FORT LAUDERDALE, Fla., Aug. 30, 2024 (GLOBE NEWSWIRE) -- SS Innovations International, Inc. (the “Company” or “SS Innovations”) (OTC: SSII), developer of innovative surgical robotic technologies dedicated to making world-class robotic surgery affordable and accessible to a global population, today issued an update to its shareholders and the investment community on the status of its audit process and the trading market for its common stock.
As previously reported in its Securities and Exchange Commission (“SEC”) filings, in May 2024, the Securities and Exchange Commission entered an order barring BF Borgers CPA PC (“Borgers”), the Company’s then independent registered public accounting firm, from appearing or practicing before the SEC as an accountant. As a result, Borgers could no longer act as the independent registered public accounting firm for the Company (or several hundred other public companies who had also engaged Borgers). Consequently, the Company terminated the engagement of Borgers and retained BDO India (“BDO”) as its independent registered public accounting firm.
Given the circumstances giving rise to Borgers’ dismissal, the Company asked BDO to re-audit the Company’s financial statements as of and for the years ended December 31, 2023 and December 31, 2022, and contemporaneously therewith undertook an internal review of certain accounting policies and internal controls and procedures.
In the course of this internal review and while BDO is performing the reaudit, the Company determined and reported in an August 14, 2024 Form 8-K filing with the SEC that, among other items, it would restate its audited financial statements for the years ended December 31, 2023 and December 31, 2022 and its interim unaudited financial statements for the quarters ended March 31, 2023, June 30, 2023, September 30, 2023 and March 31, 2024. Please refer to the August 14, 2024 Form 8-K filing for full details.
The Company is working diligently with BDO to complete the audit and the restated financial statements and file the required amendments to its SEC reports. Moreover, as further reported by the Company in its August 14, 2024 Form 8-K filing, the Company’s Form 10-Q Quarterly Report for the quarter ended June 30, 2024 would not be filed on a timely basis.
As the Company was not able to meet the filing deadline, OTC Markets, Inc. moved the Company’s common stock from the OTC Pink Tier of the over-the-counter market to the Expert Market Tier.
The Expert Market is an extremely limited market for OTC companies that are not current in their filing requirements. It is used by broker-dealers to publish quotes from customer limit orders. The public cannot access such quotes, which are only available to broker-dealers. Accordingly, the Expert Market has extremely limited liquidity and we do not believe that the quotations on the Expert Market are reflective of the Company’s market value.
As previously noted, the Company is moving with all diligence to complete the reaudit, filing the necessary amended SEC reports and as soon as practicable, becoming current with its SEC reporting requirements. When it does, the Company’s common stock will be automatically restored to quotation on the OTC Pink Tier of the over-the-counter market and the Company will continue its efforts to complete an uplisting of its common stock.
It is important to note that the unfortunate consequences of the Borgers SEC sanctions in no way have adversely impacted the Company’s operations and growth as disclosed in its SEC reports and press releases. Moreover, as reported in a Form 8-K filing on August 22, 2024, two new independent directors have recently joined SSi’s board of directors – Dr. Frederic H. Moll, a pioneer executive in the surgical robotics field with 30 years of experience who founded and co-founded multiple surgical robotics companies, including Intuitive Surgical, Inc, a world leader in surgical robotics and Timothy P. Adams, a well-known and highly regarded healthcare executive with over 30 years of hospital operations experience.
About SS Innovations International, Inc.:
SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies with a vision to make the benefits of robotic surgery affordable and accessible to a larger part of the global population. SSII’s product range includes its proprietary “SSi Mantra” surgical robotic system, and “SSi Mudra” its wide range of surgical instruments capable of supporting a variety of surgical procedures including robotic cardiac surgery. SSII’s business operations are headquartered in India and SSII has plans to expand the presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions, globally. For more information, visit SSII’s website at ssinnovations.com or LinkedIn for updates.
About SSI Mantra:
Supporting advanced, affordable, and accessible robotic surgery, the SSi Mantra Surgical Robotic System provides the capabilities for multi-specialty usage including cardiothoracic, head and neck, gynecology, urology, general surgery and more. With its modular arm configuration, 3D 4K vision open-console design and superior ergonomics, the system engages with the surgeon and surgical teams to improve safety and efficiency during procedures. The SSi Mantra system has received Indian Medical Device regulatory approval (CDSCO) and is clinically validated in India in more than 70 different types of surgical procedures. SS Innovations has commenced the regulatory approval process in the United States and the European Union and anticipates receiving FDA approval to market and CE Mark approval in 2025.
Forward-Looking Statements:
This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SS Innovations International’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
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FAQ
Why is SS Innovations (SSII) restating its financial statements?
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