Vapotherm to delist from NYSE, intends to transfer to OTCQX

Vapotherm announced its intention to voluntarily delist its common stock from The New York Stock Exchange, or NYSE, and its filing of an application to have its common stock quoted on the OTCQX Marketplace, or OTCQX. The company said, “Vapotherm provided notice of the voluntary delisting to the NYSE on December 11, 2023 and intends to timely file a Form 25 with the Securities and Exchange Commission (the “SEC”) to effect the delisting. It is anticipated that the delisting will become effective on or about December 31, 2023. Although the timing of the Company’s decision was driven in part by the determination it could soon fall out of compliance with the NYSE $15 million market capitalization requirement, the Company has been evaluating its listing options for some time and has concluded that, for Vapotherm, the cost of an NYSE listing, and the management attention required to maintain compliance with NYSE listing standards, outweighs the benefits of being listed on that exchange. Eliminating the effort required to maintain compliance with NYSE listing standards will better enable the Company to focus on its customers, its business, and the patients whose lives are enhanced as a result of its work. The Company has made an application to have its common stock quoted on OTCQX and expects that the common stock will be quoted on the OTCQX under its current trading symbol “VAPO” on the next trading day after NYSE trading is no longer available, subject to the approval of the OTCQX. The Company expects that transferring its shares to the OTCQX will enable its investors to hold and trade its shares without interruption. The Company will remain subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended, following the delisting of its common stock from the NYSE. Stockholders will not be required to exchange any shares, and the Company expects electronic trading to be available without any material disruption. This announcement follows the Company’s previously disclosed receipts of notices from the NYSE that the Company is out of compliance with the NYSE’s continued listing standards. The Company has taken actions to remain in compliance, including a reverse stock split, and has been evaluating its options with respect to its NYSE listing after discussions and deliberations on these matters. Ultimately, the Company’s Board of Directors determined that it is in the best interests of the Company and its stockholders to voluntarily delist the Company’s common stock from the NYSE and move to the OTCQX at this time instead of continuing efforts to satisfy the NYSE continued listing requirements.”