ELYRIA, Ohio–(BUSINESS WIRE)–Invacare Corporation (NYSE: IVC) today announced that it has received a notice from the New York Stock Exchange (the “NYSE”) that the company is not in compliance with NYSE Listed Company Section 802.01C Manual because the average closing price of the company’s common stock was less than $1.00 per share over a period of 30 consecutive trading days. The notice does not result in the immediate delisting of the company’s common stock from the NYSE.
The Company expects to notify the NYSE by October 7, 2022 that it intends to address the stock price shortfall and return to compliance with the NYSE’s Continuous Listing Standard. The company may reinstate compliance at any time during the six-month period following receipt of notice from the NYSE if, on the last trading day of any calendar month during the six-month period, the company has a closing price of at least $1.00 and an average closing price of the stock of at least $1.00 during the 30 trading day period ending on the last trading day of that month . The company intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to shareholder approval no later than the next annual meeting of shareholders of the company, if necessary to remedy the share price discrepancy. Under NYSE rules, if the company determines that it will remedy the stock price shortfall by taking an action that will require shareholder approval at its next annual meeting of shareholders, the price condition will be deemed to be corrected. if the price quickly rises above $1.00 per share, and the price stays above that level for at least the next 30 trading days.
The Company’s common stock will continue to be listed and traded on the NYSE during this period, subject to the Company’s compliance with the NYSE’s other continuous listing standards.
About Invacare Corporation
Invacare Corporation is one of the leading manufacturers and distributors in its markets of medical equipment used in non-acute care settings. At its core, the company designs, manufactures and distributes medical devices that help people move, breathe, rest and perform essential hygiene. The company provides clinically complex medical device solutions for diseases that are congenital (eg, cerebral palsy, muscular dystrophy, spina bifida), acquired (eg, stroke, spinal cord injury, head trauma, post-acute recovery , bedsores) and degenerative (eg, ALS, multiple sclerosis, chronic obstructive pulmonary disease (COPD), elderly, bariatric). The company’s products are important parts of care for people facing a wide range of challenges, from those who are active and involved in work or school every day and who may need mobility or respiratory support, to those cared for in residential care facilities, at home and in rehabilitation centres. The Company sells its products primarily to home medical equipment providers with retail and e-commerce channels, residential care operators, distributors and government health departments in North America, Europe and Asia. /Peaceful. For more information about the company and its products, visit Invacare’s website at www.invacare.com.
This press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that describe future results or expectations that are generally identified by words such as “” , ‘should’, ‘could’, ‘plan’, ‘intend’, ‘expect’, ‘continue’, ‘plan’, ‘believe’ and ‘anticipate’ and include, for example, statements related to the intention to consider alternatives to remedy the inadequacy of the NYSE’s continuous listing requirement; ability to meet ongoing supply chain challenges; sales and free cash flow trends; the impact of emergency plans and cost control actions; the business’ liquidity and working capital expectations; the company’s future financial results; and similar statements. Actual results and events may differ materially from those expressed or anticipated due to a variety of risks and uncertainties, including the Company’s ability to regain compliance with NYSE Continuing Listing Standards during the applicable Remediation Period, the ability to the company to continue to comply with applicable NYSE listing standards, the availability and cost to the company of necessary products, components or raw materials from the company’s suppliers, including delivery delays and disruptions production losses due to pandemic-related supply chain challenges and supplier delivery delays resulting from non-payment; the duration and extent of the COVID-19 pandemic, the pace of resuming access to health care, including clinics and elective care, and the easing of public health restrictions, or any restrictions reimposed access to healthcare or heightened public health restrictions, which could impact demand for the company’s products; global shortages or increased costs of transportation and logistics services and capacity; measures that governments, businesses and individuals are taking in response to the pandemic, including mandatory business closures and restrictions on on-site business interactions; the impact of the pandemic or political or geopolitical crises, such as Russia’s invasion of Ukraine, and actions taken in response, on global and regional economies and economic activity; the pace of recovery as the COVID-19 pandemic subsides; general economic uncertainty in major world markets and worsening global economic conditions or low levels of economic growth, including adverse conditions attributable to inflationary economic conditions; the effects of measures the company has taken or will take to reduce operating costs; the company’s ability to sustain profitable sales growth, achieve anticipated improvements in segment operating performance, convert high inventory levels into cash or reduce costs; lack of market acceptance of the company’s new product innovations; the potential adverse effects of revised product prices and/or product supplements on revenues or demand for the company’s products; circumstances or developments that may render the company unable to implement or realize the anticipated benefits, or which may increase the costs, of its current and planned business initiatives, in particular key elements of its growth plans, such such as new product introduction, marketing plans, additional investment in demonstration equipment, product distribution strategy in Europe, supply chain actions and global information technology outsourcing and implementation activities. ERP implementation; possible adverse effects on the Company’s liquidity, including (i) the Company’s ability to meet future debt maturities or other obligations, including additional debt that may be incurred in the future or (ii) the company’s ability to access the remaining portion of the financing under the July 2022 financing transactions (as described in the notes to the condensed consolidated financial statements) in the event of non-compliance with one or more applicable closing conditions; increases in interest rates or borrowing costs; potential limitations on the company’s business activities due to obligations contained in the company’s debt agreements; adverse changes in government and third-party payer reimbursement levels and practices; decreased availability or increased costs of materials that could increase the cost of producing or acquiring the company’s products, including adverse impacts of tariffs and increased raw material costs or costs transport ; regulatory proceedings or the Company’s failure to comply with regulatory requirements or to obtain regulatory clearance or approval for the Company’s products or operations; the adverse effects of regulatory or governmental inspections of the Company’s facilities at any time and governmental enforcement actions; fluctuations in currency exchange rates, particularly in light of the relative importance of the Company’s foreign operations to its overall financial performance; and other risks and uncertainties expressed in the caveats and risk factors in the company’s annual report on Form 10-K, quarterly reports on Form 10-Q and other documents filed with the Securities and Exchange Commission . The company may not be able to predict and may have little or no control over many factors or events that could affect its future results and, except as required by law, will have no obligation to update forward-looking statements.
