Catheter Precision receives notice of noncompliance from Nasdaq

Catheter Precision announced that on August 22, 2023, the Company received a notice from NYSE Regulation stating that the Company is not in compliance with the continued listing standards of the NYSE American under the timely filing criteria set forth in Section 1007 of the NYSE American Company Guide. The non-compliance results from the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 by the extended filing due date of August 21, 2023. As previously disclosed, the delay in the filing of the Company’s Quarterly Report relates principally to additional time that is needed to complete certain analyses related to the purchase price allocation in connection with the Company’s acquisition of the former Catheter Precision, Inc. on January 9, 2023, including without limitation, an analysis of whether possible changes in estimates of purchase price and related estimated line items preliminarily reported in the registrant’s Form 10-Q for the quarter ended March 31, 2023 should be considered changes in estimates or corrections of errors, as well as coordination and logistical issues arising in connection with the registrant’s change of auditors that occurred during the quarter ended June 30, 2023. Although the Company does not anticipate a lengthy delay, it is unable to project an exact filing date at this time. Management and the audit committee are continuing to work towards the completion of the Quarterly Report and are cooperating with the Company’s auditors to ensure the review is completed as soon as possible. In accordance with Section 1007 of the Company Guide, the Company will have six months from the date of the Filing Delinquency, or until February 21, 2024, to file the Form 10-Q with the SEC. During the Initial Cure Period, the Exchange will monitor the Company and the status of the Delinquent Report and any subsequent delayed filings, until the Filing Delinquency is cured. If the Company fails to file the Form 10- Q during the Initial Cure Period, the Exchange may, in its sole discretion, provide an additional six-month cure period. 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 of up to six months is appropriate and we fail to file the Delinquent Report and any subsequent delayed filings by the end of that period, suspension and delisting procedures will generally commence. 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 Form 10- Q and any subsequent delayed filings with the SEC. Notwithstanding the foregoing, however, the Exchange may in its sole discretion decide not to afford us an Initial Cure Period or Additional Cure Period, as the case may be, at all or 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 we should become subject to delisting pursuant to any other provision of the Company Guide, including if the Exchange believes, in the Exchange’s sole discretion, that continued listing and trading of our securities on the Exchange is inadvisable or unwarranted in accordance with Sections 1001-1006 of the Company Manual. During the Initial Cure Period and the Additional Cure Period, if applicable, the Company’s securities will continue to trade on the Exchange, subject to the Company’s compliance with other continued listing requirements, with a late filer indicator.