Vivos Therapeutics Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q
Vivos Therapeutics (NASDAQ: VVOS) announced it received a compliance notice from Nasdaq for failing to timely file its Form 10-Q for the quarter ended June 30, 2022. This is due to ongoing reviews of financial statements and discussions over revenue recognition policies. The company has 60 days from August 23, 2022, to file the report to regain compliance. If they fail to do so, Nasdaq may initiate suspension and delisting procedures. The company is working to complete the filing as soon as possible.
- The company can regain compliance with Nasdaq listing standards by filing the Form 10-Q within the specified 60-day period.
- The notice does not have an immediate effect on the trading of VVOS stock.
- Failure to file the Form 10-Q within the 60-day period may lead to suspension and delisting procedures.
- The need for additional time indicates potential financial reporting challenges and uncertainties.
LITTLETON, Colo., Aug. 26, 2022 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (NASDAQ: VVOS) (“Vivos” or the “Company”) today announced that it has received a notice (“Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Form 10-Q”).
Such a notice is typical and normal procedure, and it has no immediate effect on the listing or trading of the Company’s common stock on the NASDAQ. As reported by the Company in its Form 12b-25 filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2022 and press release the same day, the Company was unable to file its Form 10-Q within the prescribed time period without unreasonable effort or expense due to the Company’s need for additional time to review its financial statements for the quarter ended June 30, 2022 and the resulting additional time required for completing and filing the Company’s Form 10-Q accordingly. The delay is a result of ongoing Company analysis and related discussions between the Company and its independent registered public accountants regarding certain technical matters pertaining to the Company’s revenue recognition policies related to ASC Topic 606. The extension period provided for filing the Form 10-Q under Rule 12b-25 expired on August 22, 2022.
Nasdaq has informed the Company that, under Nasdaq rules, the Company will have 60 calendar days from the date of the Notice (August 23, 2022) to file its Form 10-Q with the SEC. The Company can regain compliance with Nasdaq listing standards during this sixty-day period when the Company files its Form 10-Q with the SEC. During the sixty-day period, Nasdaq will closely monitor the status of the Company's late filing and related public disclosures. If the Company fails to file its Form 10-Q within such sixty-day period, Nasdaq may, in its sole discretion, allow the Company’s common stock to trade for up to 180 days from the Form 10-Q’s filing due date, or February 20, 2023 (an “Additional Period”), depending on specific circumstances, as outlined in the rule. If Nasdaq determines that Additional Period is not appropriate, suspension and delisting procedures will commence pursuant to the Nasdaq Listing Rules. If Nasdaq determines that an Additional Period is appropriate and the Company fails to file its Form 10-Q and any subsequent delayed filings by the end of that period, suspension and delisting procedures will generally commence. Regardless of the procedures described above, Nasdaq may commence delisting proceedings at any time during the period that is available to complete the filing, if circumstances warrant.
The Company is working diligently to complete its Form 10-Q. The Company intends to file the Form 10-Q as soon as practicable to regain compliance with the Nasdaq Listing Rules. No assurance can be given that the Company will be able to regain compliance with the Nasdaq timely filing listing requirement.
About Vivos Therapeutics, Inc.
Vivos Therapeutics, Inc. (NASDAQ: VVOS) is a medical technology company focused on developing and commercializing innovative diagnostic and treatment methods for patients suffering from breathing and sleep issues arising from certain dentofacial abnormalities such as mild-to-moderate obstructive sleep apnea (OSA) and snoring in adults. The Vivos Method represents the first clinically effective nonsurgical, noninvasive, nonpharmaceutical and cost-effective solution. It has proven effective in approximately 28,000 patients treated worldwide by more than 1,600 trained dentists.
The Vivos Method includes the Vivos Complete Airway Repositioning and/or Expansion (CARE) appliance therapy and associated protocols that alter the size, shape and position of the tissues that comprise a patient’s upper airway and/or palate. The Vivos Method opens airway space and may significantly reduce symptoms and conditions associated with mild-to-moderate OSA, such as lowering Apnea Hypopnea Index scores. Vivos also markets and distributes SleepImage diagnostic technology under its VivoScore program for home sleep testing in adults and children. The Vivos Integrated Practice (VIP) program offers dentists training and other value-added services in connection with using The Vivos Method.
For more information, visit www.vivos.com.
Cautionary Note Regarding Forward-Looking Statements
This press release and statements of the Company’s management made in connection therewith contain “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, particularly with respect to the public offering described herein. Words such as “aim,” “expect,” “may,” “could," “should”, “expect,” “project,” “intend,” “plan,” “believe,” “predict,” “anticipates,” “hopeful,” “estimate” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. Actual results (including, without limitation (i) the final conclusion reached on the Company’s revenue recognition policies, (ii) any impact of such conclusion on the current or any prior reporting periods and (iii) the timing for the filing of the Company’s Form 10-Q for the quarter ended June 30, 2022) may differ materially and adversely from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties relating to the application of ASC 606 to the Company’s business, the nature and timing of the Company’s consultation with its independent auditors and consultants and other risk factors relating to the Company and its business described in the Company’s filings with the Securities and Exchange Commission (“SEC”). The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Vivos Investor Relations Contact:
Julie Gannon
Investor Relations Officer
720-442-8113
jgannon@vivoslife.com
Media Relations Contact
Amy Cook
Public Relations Officer
949-813-0182
acook@vivoslife.com
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