SALT LAKE CITY, Oct. 17, 2017 (GLOBE NEWSWIRE) -- Amedica Corporation (Nasdaq: AMDA) (the “Company”), an innovative biomaterial company that develops and manufactures silicon nitride as a platform for biomedical applications, announced today that the Nasdaq Hearings Panel (the “Panel”) has granted the Company’s request for an extension within which to evidence full compliance with the criteria for continued listing on The Nasdaq Capital Market, including the filing requirement and the $1.00 closing bid price requirement. The Company’s continued listing on Nasdaq is subject to the Company filing its Forms 10-Q for the quarterly periods ended March 31, 2017 and June 30, 2017 with the SEC by October 31, 2017, and the Company evidencing a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days by November 30, 2017. The Company expects to timely satisfy the deadlines set forth in the Panel’s decision.
The Company is diligently working to evidence full compliance with all applicable requirements for continued listing on The Nasdaq Capital Market; however, there can be no assurance that the Company will regain compliance with the applicable criteria within the period of time granted by the Panel.
About Amedica Corporation
Amedica is focused on the development and application of medical-grade silicon nitride ceramics. Amedica markets spinal fusion products and is developing a new generation of wear- and corrosion-resistant implant components for hip and knee arthroplasty. The Company manufactures its products in its ISO 13485 certified manufacturing facility and, through its partnership with Kyocera, the world's largest ceramic manufacturer. Amedica's spine products are FDA-cleared, CE-marked, and are currently marketed in the U.S. and select markets in Europe and South America through its distributor network and its OEM partnerships.
For more information on Amedica or its silicon nitride material platform, please visit www.amedica.com.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties. For example, there can be no assurance that we will regain compliance with the applicable criteria within the period of time granted by the Panel and that we will be able to maintain our listing on any NASDAQ market. Other factors that could cause actual results to differ materially from those contemplated within this press release can also be found in Amedica's Risk Factors disclosure in its Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on September 20, 2017, and in Amedica's other filings with the SEC. Forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements as a result of new information, events or circumstances or other factors arising or coming to our attention after the date hereof.