Amwell Receives Continued Listing Standard Notice From NYSE
April 04 2024 - 3:05PM
Amwell® (NYSE: AMWL), a leading provider of
healthcare software as a service, today announced that it received
a notice on April 2, 2024 from the New York Stock Exchange (NYSE)
informing the company that it is not in compliance with the NYSE’s
continued listing minimum price criteria with respect to its Class
A common stock because the average closing price of the company’s
Class A common stock was less than $1 per share over a consecutive
30 trading-day period. The notice does not result in the immediate
delisting of the company’s Class A common stock from the
NYSE.
NYSE rules give Amwell a
six-month period to regain compliance with the minimum price
criteria. The company has already confirmed to the NYSE its intent
to cure the deficiency, including by effecting a reverse stock
split, subject to board approval and stockholder approval at its
upcoming 2024 annual meeting.
Receipt of the NYSE
notice does not affect Amwell’s business, operations or reporting
requirements with the Securities and Exchange Commission. The
company’s Class A common stock will continue to list and trade on
the NYSE during the six-month cure period, subject to its
compliance with other NYSE continued listing standards.
About
Amwell Amwell provides a leading hybrid care enablement
platform in the United States and globally, connecting and enabling
providers, payers, patients, and innovators to deliver greater
access to more affordable, higher quality care. Amwell believes
that hybrid care delivery will transform healthcare. The company
offers a single comprehensive platform to support all digital
health needs, from urgent to acute and post-acute care, chronic
care management and healthy living. With nearly two decades of
experience, Amwell powers the digital care of more than 50 health
plans, which collectively represent more than 100 million covered
lives and many of the nation’s largest health systems. For more
information, please visit https://business.amwell.com/.
©2024 American Well Corporation. All rights reserved.
Amwell®, SilverCloud®, ConvergeTM, CarepointTM and the Amwell Logo
are registered trademarks or trademarks of American Well
Corporation.
Forward-Looking
Statements This press release contains forward-looking
statements about us and our industry that involve substantial risks
and uncertainties and are based on our beliefs and assumptions and
on information currently available to us. All statements other than
statements of historical facts contained in this press release,
including statements regarding the ability to cure the minimum
price criteria deficiency and regain compliance with NYSE listing
standards and for the Class A common stock to remain listed on the
NYSE, are forward-looking statements. In some cases, you can
identify forward-looking statements because they contain words such
as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “potential,” “predict,” “project,”
“should,” “will,” or “would,” or the negative of these words or
other similar terms or expressions.
Forward-looking
statements represent our beliefs and assumptions only as of the
date of this release. These statements, and related risks,
uncertainties, factors and assumptions, include, but are not
limited to: our ability to regain and maintain compliance with NYSE
listing standards; our ability effect any reverse stock split; our
ability to successfully transition our clients to Converge without
significant attrition; our ability to renew and upsell our client
base; the election by the Defense Health Agency to deploy our
solution across their entire enterprise; the continuation of the
DHA relationship beyond July of 2025 with comparable financial
terms; weak growth and increased volatility in the telehealth
market; our ability to adapt to rapid technological changes;
increased competition from existing and potential new participants
in the healthcare industry; changes in healthcare laws, regulations
or trends and our ability to operate in the heavily regulated
healthcare industry; our ability to comply with federal and state
privacy regulations; the significant liability that could result
from a cybersecurity breach; and other factors described under
‘Risk Factors’ in our most recent form 10-K filed with the SEC.
These risks are not exhaustive. Except as required by law, we
assume no obligation to update these forward-looking statements, or
to update the reasons actual results could differ materially from
those anticipated in the forward-looking statements, even if new
information becomes available in the future. Further information on
factors that could cause actual results to differ materially from
the results anticipated by our forward-looking statements is
included in the reports we have filed or will file with the
Securities and Exchange Commission. These filings, when available,
are available on the investor relations section of our website at
investors.amwell.com and on the SEC’s website at
www.sec.gov.
Angela Vogen
Amwell
press@amwell.com
Sue Dooley
Amwell
415.602.9167
Sue.Dooley@amwell.com
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