InfuSystem Holdings, Inc. (NYSE American: INFU) (“InfuSystem” or
the “Company”), a leading national health care service provider,
facilitating outpatient care for durable medical equipment
manufacturers and health care providers, announced today that the
Company has received notice from the NYSE Regulation (the "Notice")
stating that the Company is not in compliance with the continued
listing standards of the NYSE American LLC (the "Exchange") under
the timely filing criteria included in Section 1007 of the NYSE
American Company Guide (the "Company Guide") because the Company
failed to timely file its Annual Report on Form 10-K for the year
ended December 31, 2023 (the "Delinquent Report"), which was due to
be filed with the Securities and Exchange Commission (the "SEC") no
later than April 1, 2024 (the "Filing Delinquency").
The Company has been unable to file the Delinquent Report
because, as previously disclosed in the Notification of Late Filing
on Form 12b-25 filed by the Company with the SEC on March 14, 2024,
the Company requires additional time to complete its procedures to
evaluate potential errors related to (i) the classification of
certain expenses included in general and administrative costs that
should have been included in cost of sales, and (ii) the adoption
and ongoing application of Accounting Standards Update No. 2016-02,
Leases (Topic 842), referred to as ASC 842.
In accordance with Section 1007 of the Company Guide, the
Company will have six months from the date of the Filing
Delinquency (the "Initial Cure Period"), to file the Delinquent
Report with the SEC. The Exchange will monitor the Company and the
status of the Delinquent Report and any subsequent delayed filings,
including through contact with the Company, until the Filing
Delinquency is cured. If the Company fails to file the Delinquent
Report during the Initial Cure Period, the Exchange may, in its
sole discretion, grant an up to six-month additional cure period
(the "Additional Cure Period"). The Company can regain compliance
with the Exchange’s continued listing standards at any time during
the Initial Cure Period or Additional Cure Period, as applicable,
by filing the Delinquent Report and any subsequent delayed filings
with the SEC. If the Exchange determines that an Additional Cure
Period is not appropriate, suspension and delisting procedures will
commence in accordance with the procedures set out in Section 1010
of the Company Guide. If the Exchange determines that an Additional
Cure Period is appropriate and the Company fails to file the
Delinquent Report and any subsequent delayed filings by the end of
that period, suspension and delisting procedures will generally
commence.
Notwithstanding the foregoing, however, the Exchange may, in its
sole discretion, decide (i) not to afford the Company any Initial
Cure Period or Additional Cure Period, as the case may be, at all
or (ii) at any time during the Initial Cure Period or Additional
Cure Period, to truncate the Initial Cure Period or Additional Cure
Period, as the case may be, and immediately commence suspension and
delisting procedures if the Company is subject to delisting
pursuant to any other provision of the Company Guide, including if
the Exchange believes, in the its sole discretion, that continued
listing and trading of the Company’s securities on the Exchange is
inadvisable or unwarranted in accordance with Sections 1001 through
1006 thereof.
The Company intends to regain compliance with the Exchange's
continued listing standards. There can be no assurance that the
Company will ultimately regain compliance with all applicable
Exchange listing standards.
About InfuSystem Holdings, Inc.
InfuSystem Holdings, Inc. (NYSE American: INFU), is a leading
national health care service provider, facilitating outpatient care
for durable medical equipment manufacturers and health care
providers. INFU services are provided under a two-platform model.
The first platform is Patient Services, providing the last-mile
solution for clinic-to-home healthcare where the continuing
treatment involves complex durable medical equipment and services.
The Patient Services segment is comprised of Oncology, Pain
Management and Wound Therapy businesses. The second platform,
Device Solutions, supports the Patient Services platform and
leverages strong service orientation to win incremental business
from its direct payer clients. The Device Solutions segment is
comprised of direct payer rentals, pump and consumable sales, and
biomedical services and repair. Headquartered in Rochester Hills,
Michigan, the Company delivers local, field-based customer support
and also operates Centers of Excellence in Michigan, Kansas,
California, Massachusetts, Texas and Ontario, Canada.
Forward-Looking Statements
Certain statements contained in this press release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, such as statements
relating to future actions, our share repurchase program and
capital allocation strategy, business plans, strategic
partnerships, growth initiatives, objectives and prospects, future
operating or financial performance, guidance and expected new
business relationships and the terms thereof (including estimated
potential revenue under new or existing contracts). The words
“believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “should,” “plan,” “goal,” “expect,” “strategy,” “future,”
“likely,” variations of such words, and other similar expressions,
as they relate to the Company, are intended to identify
forward-looking statements. Forward-looking statements are subject
to factors, risks and uncertainties that could cause actual results
to differ materially, including, but not limited to, our ability to
successfully execute on our growth initiatives and strategic
partnerships, our ability to enter into definitive agreements for
the new business relationships on expected terms or at all, our
ability to generate estimated potential revenue amounts under new
or existing contracts, the uncertain impact of the COVID-19
pandemic, our dependence on estimates of collectible revenue,
potential litigation, changes in third-party reimbursement
processes, changes in law, global financial conditions and
recessionary risks, rising inflation and interest rates, supply
chain disruptions, systemic pressures in the banking sector,
including disruptions to credit markets, the Company's ability to
remediate its previously disclosed material weaknesses in internal
control over financial reporting, contributions from acquired
businesses or new business lines, products or services and other
risk factors disclosed in the Company’s most recent annual report
on Form 10-K and, to the extent applicable, quarterly reports on
Form 10-Q. Our strategic partnerships are subject to similar
factors, risks and uncertainties. All forward-looking statements
made in this press release speak only as of the date hereof. We do
not undertake any obligation to update any forward-looking
statements to reflect future events or circumstances, except as
required by law.
Additional information about InfuSystem Holdings, Inc. is
available at www.infusystem.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240403052403/en/
Joe Dorame, Joe Diaz & Robert Blum Lytham Partners, LLC
602-889-9700
InfuSystems (AMEX:INFU)
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