Quipt Home Medical Corp. (“
Quipt” or the
“
Company”) (NASDAQ:QIPT; TSXV:QIPT), a U.S. based
leader in the home medical equipment industry, focused on
end-to-end respiratory care, is providing this bi-weekly update on
the status of the management cease trade order granted on December
30, 2021 (the “
MCTO”) by its principal regulator,
the British Columbia Securities Commission (the
“
BCSC”), under National Policy 12-203 – Management
Cease Trade Orders (“
NP 12-203”), following the
Company’s announcement on December 16, 2021 (the “
Default
Announcement”) that it was unable to file its audited
annual financial statements and management discussion &
analysis for the financial years ended September 30, 2021 and 2020,
and the CEO and CFO certificates, all as required by National
Instrument 51-102 and National Instrument 52-109 (collectively, the
“
Documents”) on or before December 29, 2021, as
required under applicable securities laws. as previously announced.
In addition, the Company received a letter from
the Nasdaq Listing Qualifications department on January 12, 2022,
notifying the Company that because the Company has not yet filed
its Form F-40 related to its fiscal year ended September 30, 2021,
that is no longer complies with Nasdaq’s Listing Rules (the
“Rules”) for continued listing. Under the Rules,
the Company has sixty (60) calendar days to submit a plan to regain
compliance and after submitting a plan, Nasdaq can grant an
exception of up to one hundred eighty (180) calendar days from the
Form 40-F filing’s due date, or until June 27, 2022, to regain
compliance. The Company continues to work diligently and
expeditiously with its auditors and expects to file the Documents
as soon as possible but no later than January 28, 2022. Upon filing
of the documents in Canada, the Company intends to immediately file
its Form 40-F with the SEC thereby regaining compliance with the
Rules prior to the sixty (60)-day deadline for the Company to
submit a plan to regain compliance.
The Company announced on January 3, 2022, that
its application for a MCTO under NP 12-203 had been approved by the
BCSC. The MCTO does not affect the ability of investors (other than
management) to trade in the securities of the Company. On December
16, 2021, the Default Announcement disclosed that the Company was
filing an application seeking a MCTO from the BCSC because it was
likely to miss its filing deadline of December 29, 2021 to file the
Documents. The delay in filing the Documents is due, in part, to
the accelerated deadline for the Company to complete the Documents
as a result of its listing its Common Shares for trading on the
Nasdaq Capital Market and the expedited basis in which the
Company’s auditors had to complete the audit.
The MCTO restricts trading in securities of the
Company by management until such time as the Documents have been
filed by the Company and the MCTO is no longer in effect. The MCTO
does not affect the ability of other securityholders to trade in
the securities of the Company.
The Company confirms that since the date of the
Default Announcement: (i) there has been no material change to the
information set out in the Default Announcement that has not been
generally disclosed; (ii) the Company is satisfying and confirms
that it intends to continue to satisfy the provisions of the
alternative information guidelines under NP 12-203 and issue
bi-weekly default status reports for so long as the delay in filing
the Documents is continuing, each of which will be issued in the
form of a press release; (iii) there has not been any other
specified default by the Company under NP 12-203; (iv) the Company
is not subject to any insolvency proceedings; and (v) there is no
material information concerning the affairs of the Company that has
not been generally disclosed.
ABOUT QUIPT
HOME MEDICAL
CORP.
The Company provides in-home monitoring and
disease management services including end-to-end respiratory
solutions for patients in the United States healthcare market. It
seeks to continue to expand its offerings to include the management
of several chronic disease states focusing on patients with heart
or pulmonary disease, sleep disorders, reduced mobility and other
chronic health conditions. The primary business objective of the
Company is to create shareholder value by offering a broader range
of services to patients in need of in-home monitoring and chronic
disease management. The Company’s organic growth strategy is to
increase annual revenue per patient by offering multiple services
to the same patient, consolidating the patient’s services, and
making life easier for the patient.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this press
release constitute “forward-looking information” as such term is
defined in applicable Canadian securities legislation. The words
“may”, “would”, “could”, “should”, “potential”, “will”, “seek”,
“intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and
similar expressions as they relate to the Company, including
statements with respect to the timing of the filing of the
Documents, are intended to identify forward-looking information.
All statements other than statements of historical fact may be
forward-looking information. Such statements reflect the Company's
current views and intentions with respect to future events, and
current information available to the Company, and are subject to
certain risks, uncertainties, and assumptions. Many factors could
cause the actual results, performance or achievements that may be
expressed or implied by such forward-looking information to vary
from those described herein should one or more of these risks or
uncertainties materialize. Examples of such risk factors include,
without limitation: credit; market (including equity, commodity,
foreign exchange and interest rate); liquidity; operational
(including technology and infrastructure); reputational; insurance;
strategic; regulatory; legal; environmental; capital adequacy; the
general business and economic conditions in the regions in which
the Company operates; the ability of the Company to execute on key
priorities, including the successful completion of acquisitions,
business retention, and strategic plans and to attract, develop and
retain key executives; difficulty integrating newly acquired
businesses; the ability to implement business strategies and pursue
business opportunities; low profit market segments; disruptions in
or attacks (including cyber-attacks) on the Company's information
technology, internet, network access or other voice or data
communications systems or services; the evolution of various types
of fraud or other criminal behavior to which the Company is
exposed; the failure of third parties to comply with their
obligations to the Company or its affiliates; the impact of new and
changes to, or application of, current laws and regulations;
decline of reimbursement rates; dependence on few payors; possible
new drug discoveries; a novel business model; dependence on key
suppliers; granting of permits and licenses in a highly regulated
business; the overall difficult litigation environment, including
in the U.S.; increased competition; changes in foreign currency
rates; increased funding costs and market volatility due to market
illiquidity and competition for funding; the availability of funds
and resources to pursue operations; critical accounting estimates
and changes to accounting standards, policies, and methods used by
the Company; the occurrence of natural and unnatural catastrophic
events and claims resulting from such events; and risks related to
COVID-19 including various recommendations, orders and measures of
governmental authorities to try to limit the pandemic, including
travel restrictions, border closures, non-essential business
closures, quarantines, self-isolations, shelters-in-place and
social distancing, disruptions to markets, economic activity,
financing, supply chains and sales channels, and a deterioration of
general economic conditions including a possible national or global
recession; as well as those risk factors discussed or referred to
in the Company’s disclosure documents filed with United States
Securities and Exchange Commission and available at www.sec.gov,
and with the securities regulatory authorities in certain provinces
of Canada and available at www.sedar.com. Should any factor
affect the Company in an unexpected manner, or should assumptions
underlying the forward-looking information prove incorrect, the
actual results or events may differ materially from the results or
events predicted. Any such forward-looking information is expressly
qualified in its entirety by this cautionary statement. Moreover,
the Company does not assume responsibility for the accuracy or
completeness of such forward-looking information. The
forward-looking information included in this press release is made
as of the date of this press release and the Company undertakes no
obligation to publicly update or revise any forward-looking
information, other than as required by applicable law.
For further information please visit our website
at www.Quipthomemedical.com, or contact:
Cole StevensVP of Corporate DevelopmentQuipt
Home Medical Corp. 859-300-6455cole.stevens@myquipt.com
Gregory CrawfordChief Executive OfficerQuipt Home Medical Corp.
859-300-6455investorinfo@myquipt.com
Quipt Home Medical (TSXV:QIPT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Quipt Home Medical (TSXV:QIPT)
Historical Stock Chart
From Apr 2023 to Apr 2024