Item 8.01. Other Events.
Due to the outbreak of coronavirus disease 2019 (COVID-19), RTI Surgical Holdings, Inc.
(the Company or RTI) is filing this Current Report on Form 8-K to avail itself of an extension to file its Quarterly Report on Form 10-Q for the
quarterly period ended March 31, 2020 (the Quarterly Report), originally due on May 11, 2020, relying on an order issued by the Securities and Exchange Commission (the SEC) on March 25, 2020 pursuant to
Section 36 of the Securities Exchange Act of 1934, as amended (Release No. 34-88465) (the Order), regarding exemptions granted to certain public companies.
The Companys operations and business have experienced disruption due to the unprecedented conditions surrounding COVID-19, which has spread throughout world. The Companys business operations have been disrupted and the Company has been unable to timely prepare and review its unaudited condensed consolidated financial
statements for the quarterly period ended March 31, 2020. More specifically, certain key personnel on the Companys senior accounting staff have been reassigned out of the accounting department or have resigned from the Company. As a
result of measures implemented by federal, state and local governments because of the COVID-19 crisis, the Company has not been able to recruit, vet and hire replacement personnel, which has resulted in delays
in the Companys preparation and review of its unaudited condensed consolidated financial statements that constitute a material portion of the Quarterly Report. Such measures have also required certain accounting employees to work remotely,
further contributing to the delay.
As such, the Company will be relying upon the 45-day grace
period provided by the Order to delay filing of the Quarterly Report. The Company will file the Quarterly Report no later than June 25, 2020, 45 days after the original due date of the Quarterly Report.
When the Company files its Annual Report on Form 10-K for the fiscal year ended December 31,
2019, the Company currently expects to include the following risk factor, subject to potential updating:
COVID-19, and similar outbreaks, could have a material, adverse impact on us.
A novel strain of coronavirus, COVID-19 has spread to multiple countries, including the United States,
and several European countries, including Germany where we have significant operations. The COVID-19 pandemic has directly and indirectly adversely impacted the Companys business, financial condition and
operating results. The extent to which these adverse impacts will continue will depend on numerous evolving factors that are highly uncertain, rapidly changing and cannot be predicted with precision or certainty at this time. The spread of COVID-19 has caused many hospitals and other healthcare providers to refocus their care on the surge of the COVID-19 cases and to postpone elective and non-emergent procedures, restrict access to these facilities, and in some cases re-allocate scarce resources to their critically ill patients. These efforts have impacted and
could continue to impact our business activities, including our product sales, as many of our products are used in connection with elective surgeries. Many of our employees have been furloughed and although our operations are beginning to increase
towards normal levels, we continue to have many employees working remotely. Additionally, these measures are hindering our ability to recruit, vet and hire personnel for key positions. It is unknown how long these disruptions could continue. As the
global outbreak of COVID-19 continues to rapidly evolve, it could continue to materially and adversely affect our revenues, financial condition, profitability, and cash flows for an indeterminate period of
time.
Forward-Looking Statements
This Current Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on managements current expectations, estimates and projections about our industry, our managements beliefs and certain assumptions made by our management. Words such as anticipates,
expects, intends, plans, believes, seeks,