Ra Medical Systems, Inc. (NYSE:RMED) (“Ra Medical” or the “Company) announces that on August 31, 2022, it received a notice (the “Notice”) that the NYSE American LLC has determined the Company’s securities have been selling at a low price per share for a substantial period of time. Pursuant to Section 1003(f)(v) of the NYSE American Company Guide, the Company’s continued listing is predicated on it effecting a reverse stock split of its common stock or otherwise demonstrating sustained price improvement within a reasonable period of time, which the NYSE American has determined to be no later than February 28, 2023.
The NYSE American acknowledged that the Company has filed a definitive proxy statement to hold a Special Meeting of Stockholders (the “Special Meeting”) on September 20, 2022, seeking stockholder authorization of a reverse stock split at a ratio of between 1-for-20 and 1-for-50. The notice has no immediate effect at these trading levels on the listing or trading of the Company’s common stock and the common stock will continue to trade on the NYSE American.
The definitive proxy statement was filed with the Securities and Exchange Commission (the “Commission”) on August 29, 2022 and is available here. The Company’s stockholders of record at the close of business on the record date, July 22, 2022, are entitled to vote the shares of common stock of Ra Medical owned by them at the Special Meeting. Every stockholder’s vote is important, regardless of the number of shares held, and the Company requests the prompt submission of votes.
The Special Meeting will be held virtually at 8:00 a.m. Pacific time on Tuesday, September 20, 2022. Stockholders as of the record date are invited to attend the Special Meeting by registering at www.viewproxy.com/RMED/2022 by 8:59 p.m. Pacific time on Monday, September 19, 2022. Instructions regarding how to connect and participate live via the internet, including how to demonstrate proof of stock ownership, are posted at www.viewproxy.com/RMED/2022.
If stockholders have questions or need assistance with voting, please call Alliance Advisors, LLC, the Company’s proxy solicitor, at 833-945-2699.
