Allurion Receives Continued Listing Standards Notice from NYSE
16 August 2024 - 6:05AM
Business Wire
Allurion Technologies, Inc. (NYSE: ALUR) (“Allurion” or the
“Company”), a company dedicated to ending obesity, today announced
that it received written notice (the “Notice”) from the New York
Stock Exchange (the “NYSE”) that it is not in compliance with the
NYSE’s continued listing standards because the average closing
price of the Company’s common stock per the Notice was less than
$1.00 per share over the consecutive 30 trading-day period ended
August 8, 2024. The Notice does not result in the immediate
delisting of the Company’s common stock from the NYSE.
In accordance with applicable NYSE rules, the Company plans to
timely notify the NYSE that it intends to cure the stock price
deficiency and return to compliance with the applicable NYSE
continued listing standards. The Company can regain compliance at
any time within a six-month cure period following its receipt of
the Notice if, on the last trading day of any calendar month during
such cure period, the Company has both: (i) a closing share price
of at least $1.00 and (ii) an average closing share price of at
least $1.00 over the 30 trading-day period ending on the last
trading day of the applicable calendar month.
The Company intends to remain listed on the NYSE and is
considering all available options to regain compliance with the
NYSE’s continued listing standards, including, but not limited to,
a reverse stock split, subject to stockholder approval. The NYSE
rules provide for an extension to the six-month cure period if the
action required to cure the price condition requires stockholder
approval, in which case, the action needs to be approved by no
later than the Company’s next annual stockholder’s meeting and
implemented promptly thereafter.
The Notice has no immediate impact on the listing of the
Company’s common stock, which will continue to be listed and traded
on the NYSE during such cure period, subject to the Company’s
compliance with other NYSE continued listing standards.
Furthermore, the Notice is not anticipated to impact the ongoing
business operations of the Company or its reporting requirements
with the U.S. Securities and Exchange Commission.
About Allurion
Allurion is dedicated to ending obesity. The Allurion Program is
a weight loss platform that features the Allurion Gastric Balloon,
the world’s first and only swallowable, Procedureless™ intragastric
balloon for weight loss, and offers access to the Allurion Virtual
Care Suite, including the Allurion Mobile App for consumers,
Allurion Insights for health care providers featuring the Coach
Iris AI Platform, and the Allurion Connected Scale. The Allurion
Virtual Care Suite is also available to providers separately from
the Allurion Program to help customize, monitor and manage weight
loss therapy for patients regardless of their treatment plan:
gastric balloon, surgical, medical or nutritional. The Allurion
Gastric Balloon is an investigational device in the United
States.
For more information about Allurion and the Allurion Virtual
Care Suite, please visit www.allurion.com.
Allurion is a trademark of Allurion Technologies, Inc. in the
United States and countries around the world.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. federal and state securities laws. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions and include statements regarding the
Company’s plans to notify the NYSE that it intends to cure the
stock price deficiency and return to compliance with the applicable
NYSE continued listing standards, its intention to remain listed on
the NYSE, and its options to regain compliance with the NYSE’s
continued listing standards, including, but not limited to, a
reverse stock split, subject to stockholder approval.
Forward-looking statements are predictions, projections and other
statements about future events that reflect the current beliefs and
assumptions of the Company’s management based on information
currently available to them and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future results
or developments to differ materially from the forward-looking
statements in this communication, including but not limited to (i)
the ability of the Company to obtain and maintain regulatory
approvals for and successfully commercialize its products and
offerings, including the Allurion Balloon, (ii) the timing of, and
results from, the Company’s clinical studies and trials, (iii) the
evolution of the markets in which the Company competes, (iv) the
ability of the Company to defend its intellectual property and
satisfy regulatory requirements, (v) the impact of global economic
conditions and geopolitical events on the Company’s business, (vi)
the Company’s expectations regarding its market opportunities,
(vii) the risk of economic downturns and a changing regulatory
landscape in the highly competitive industry in which the Company
operates, (viii) the risk that the Notice and noncompliance with
NYSE continued listing standards may impact the Company’s results
of operations, business operations and reputation and the trading
prices and volatility of the Company’s common stock, and (ix) the
Company’s ability to continue to meet NYSE continued listing
standards. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the “Risk Factors” section of the
Company’s Annual Report on Form 10-K filed on March 26, 2024 (as
subsequently amended) and other documents filed by the Company from
time to time with the U.S. Securities and Exchange Commission.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and the Company assumes no obligation and does not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. The Company does not give any assurance that it will
achieve its expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20240815795637/en/
Global Media Cedric Damour PR Manager +33 7 84 21 02 20
cdamour@allurion.com
Investor Contact Mike Cavanaugh, Investor Relations ICR
Westwicke (617) 877-9641 mike.cavanaugh@westwicke.com
Allurion Technologies (NYSE:ALUR)
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