OXFORDSHIRE, U.K.--(BUSINESS WIRE)--Oct. 30, 2017--
Lombard Medical, Inc. (Nasdaq: EVAR), a medical device company focused
on endovascular aneurysm repair of abdominal aortic aneurysms (AAA),
today announced that it has notified Nasdaq of its intention to
voluntarily delist the Company’s shares from the Nasdaq Capital Market
(“Nasdaq”) and transfer its listing to the OTCQX.
Lombard anticipates that its common shares will trade under its existing
ticker symbol EVAR on the OTCQX Market effective as of the market open
on November 9, 2017.
The Company intends to file a Form 25, Notification of Removal from
Listing under Section 12(b) of the Securities Exchange Act of 1934, as
amended, with the SEC on November 9, 2017, notifying the SEC of
delisting from Nasdaq and trading on Nasdaq will cease on the same day.
Therefore, the last day of trading on Nasdaq will be November 8, 2017.
The Company believes the transfer to OTCQX is in the best interests of
the Company and its shareholders, and will provide it with an efficient
and cost-effective way to maintain its public market presence.
As previously disclosed, on November 6, 2016, the Company received a
notice from Nasdaq notifying it that it did not meet the minimum bid
price requirement for continued listing (the “Bid Price Rule”) on the
Nasdaq Global Market and received a 180-day period to regain compliance.
The Bid Price Rule requires the Company’s shares to trade above $1.00
per share for at least 10 consecutive business days. Subsequently, on
May 9, 2017, approval was granted to transfer the listing from the
Nasdaq Global Market to Nasdaq and the Company was given until November
6, 2017 to regain compliance with the Bid Price Rule. Given that the
Company has not regained compliance with the Bid Price Rule, it has
decided to delist its shares from Nasdaq and transfer its listing to the
About Lombard Medical, Inc.
Lombard Medical, Inc. based in Oxfordshire, U.K., develops, manufactures
and markets an innovative range of minimally invasive abdominal aortic
aneurysm endovascular repair products. For more information, please
This announcement contains forward-looking statements that reflect the
Company’s current expectations regarding future events. These
forward-looking statements generally can be identified by the use of
words or phrases such as “believe,” “expect,” “intend,” “future,”
“anticipate,” “look forward to,” “intend,” “plan,” “foresee,” “may,”
“should,” “will,” “estimates,” “outlook,” “potential,” “optimistic,”
“confidence,” “continue,” “evolve,” “expand,” “growth” or words and
phrases of similar meaning. Statements that describe objectives, plans
or goals also are forward-looking statements. Forward-looking statements
are subject to risks, management assumptions and uncertainties. Actual
results could differ materially from those projected herein and depend
on a number of factors, including the success of the Company’s research
and development and commercialization strategies, the uncertainties
related to the regulatory process and the acceptance of the Company’s
products by hospitals and other medical professionals, the uncertainty
of estimated revenues and profits, the uncertainty of current domestic
and international economic conditions that could adversely affect the
level of demand for the Company’s products and increased volatility in
foreign exchange rates, the inability to raise additional funds, and the
risks, uncertainties and other factors described under the heading “Risk
Factors” in the Company’s Form 20-F filed with the Securities and
Exchange Commission dated May 1, 2017. Readers are urged to consider
these factors carefully in evaluating the forward-looking statements.
The forward-looking statements included herein are made only as of the
date of this report and the Company undertakes no obligation to update
these statements in the future.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171030005942/en/
Source: Lombard Medical, Inc.
Lombard Medical, Inc.
Kurt Lemvigh, +44 (0)1235 750 800