Surgalign receives Nasdaq delisting notice following Chapter 11 filing

Surgalign received a letter from the Listing Qualifications Department of the Nasdaq Stock Market. Nasdaq has determined that due to the Company’s voluntary petition for relief under chapter 11 of the U.S. Bankruptcy Code, the Company’s securities will be delisted from The Nasdaq Stock Market. The Company does not intend to appeal Nasdaq’s determination. As previously announced, Surgalign entered into an asset purchase agreement to sell substantially all its global hardware and biomaterials assets and filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The Company intends to pursue an auction and sale process under section 363 of the U.S. Bankruptcy Code for its Digital Health business and has a stalking horse bidder in place for its hardware and biomaterials assets. The Company intends to continue to operate its business in the normal course while in chapter 11. Trading of the Company’s common stock will be suspended at the opening of business on July 3, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market. Once the delisting from Nasdaq takes effect, the Company’s common stock is expected to begin trading on the OTC under the symbol SRGAQ.