ViewRay announces commencement of Nasdaq delisting proceedings

ViewRay announced that on July 17, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC. Nasdaq has determined that due to the Company’s voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code, and concerns about the Company’s ability to sustain compliance with the $1.00 per share minimum bid price requirement for continued inclusion on Nasdaq based on Listing Rule 5450(a)(1), the Company’s securities will be delisted from the Nasdaq Stock Market. The Company does not intend to appeal Nasdaq’s determination. Trading of the Company’s common stock will be suspended at the opening of business on July 26, 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 over-the counter markets. On the OTC market, shares of the Company’s common stock, which previously traded on Nasdaq under the symbol “VRAY“, are expected to trade under the symbol “VRAYQ”. The transition to the OTC markets will not affect the Company’s intention to continue to operate in the normal course while in chapter 11. The Company will remain subject to the public reporting requirements of the SEC following the transfer.