Business Wire

TransEnterix Announces Plan for Reverse Stock Split

Share

TransEnterix, Inc. (NYSE American: TRXC) a medical device company that is digitizing the interface between surgeons and patients to improve minimally invasive surgery, today announced that its Board of Directors has approved a proposal, to be submitted to stockholders for approval at a Special Meeting of Stockholders anticipated to be held on December 18, 2019, to authorize the Board of Directors to effect a reverse stock split of the Company’s common stock. The reverse stock split proposal includes a proposed range between 1-for-10 and 1-for-40 shares of outstanding common stock. The final ratio will be determined by TransEnterix's Board of Directors after stockholder approval. In addition, if the reverse stock split selected is in the range of 1-for-20 to 1-for-30, the authorized common stock would be reduced to 500,000,000 shares, and if the range selected is greater than 1-for-30, the authorized common stock would be reduced to 250,000,000 shares.

“We have proactively initiated this reverse stock split to better position the company for long term success,” said Todd M. Pope, President and Chief Executive Officer of TransEnterix. “We believe that there are many potential benefits to increasing the price per common share and reducing the overall number of shares outstanding, including making the company’s stock more attractive to investors, reducing the daily volatility of our share price, and positioning the company to pursue capital-raising transactions as part of its evaluation of strategic alternatives available to the company.”

TransEnterix filed a preliminary proxy statement with the U.S. Securities and Exchange Commission as required by the SEC rules. The proposal requires the affirmative vote of a majority of votes cast by stockholders entitled to vote. Stockholders may obtain a free copy of the preliminary proxy statement and other documents that the Company files with the SEC at the SEC’s website at www.sec.gov. The company will file with the SEC and distribute to its stockholders a definitive proxy statement regarding the special meeting and the reverse stock split proposal. The company will issue another press release when the definitive proxy statement is filed.

About TransEnterix

TransEnterix is a medical device company that is digitizing the interface between the surgeon and the patient to improve minimally invasive surgery by addressing the clinical and economic challenges associated with current laparoscopic and robotic options in today's value-based healthcare environment. The Company is focused on the commercialization of the Senhance Surgical System, which digitizes laparoscopic minimally invasive surgery. The system allows for robotic precision, haptic feedback, surgeon camera control via eye sensing and improved ergonomics while offering responsible economics. The Senhance Surgical System is available for sale in the US, the EU, Japan and select other countries. For more information, visit www.transenterix.com.

Forward-Looking Statements

This press release includes statements relating to the reverse stock split proposal and the company’s plans to file definitive proxy materials and seek stockholder approval for a reverse stock split of the company’s common stock. These statements and other statements regarding our future plans and goals constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and which may cause results to differ materially from expectations and include when the reverse stock split proposal will be presented to stockholders for approval, whether the reverse stock split proposal will be approved by the company’s stockholders at a special meeting, and whether the reverse stock split, if implemented, will have the desired impact on the company’s stock price. For a discussion of the risks and uncertainties associated with TransEnterix and its business, please review our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 27, 2019 and our other filings we make with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the origination date of this press release. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact information

TransEnterix, Inc.
Investor Contact:
Mark Klausner, 443-213-0501
invest@transenterix.com
or
Media Contact:
Terri Clevenger, 203-682-8297
terri.clevenger@icrinc.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Asahi Kasei Providing Samples of Hyaluronic Acid Nanogel as a New Pharmaceutical Excipient5.8.2020 05:00:00 EESTPress release

Asahi Kasei has established industrial manufacturing technology for hyaluronic acid (HA) nanogel* as a new pharmaceutical excipient, and is providing samples to prospective customers in order to commercialize the product. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200804005334/en/ Chemical structure and self-assembly of HA nanogel (Graphic: Business Wire) The Functional Additives Division of Asahi Kasei’s Specialty Solutions SBU supplies Ceolus™ microcrystalline cellulose to pharmaceutical manufacturers around the world for use as an excipient for drug tablets. The commercialization of HA nanogel would expand the product lineup by adding a drug delivery system (DDS) base material for injection formulations. HA nanogel is expected to improve the quality of life (QOL) for patients by enabling the low-toxicity solubilization of insoluble drugs, facilitating the formulation of biopharmaceuticals such as proteins and peptides

RoboSense 80 Laser-Beam LiDAR RS-Ruby Lite Is Officially for Sale, Early-Bird Price $12,8004.8.2020 21:00:00 EESTPress release

RoboSense http://www.robosense.ai/, the leading provider of smart LiDAR sensor, today launched an 80 laser-beam 3D sensing LiDAR ready for customer delivery with early-bird price of $12,800 (limited offer till 31st August, 2020), and standard price of $15,800. The timing of announcing this favorable package also marks the company's 6-year anniversary. The performance of the RS-Ruby Lite is close to that of the 128 laser-beam LiDAR RS-Ruby, with a vertical angular resolution of 0.1 degrees and 160m@10% ranging ability (with the longest detection range of 230 meters), making it suitable to address medium-and-high-speed autonomous driving applications with a price much more affordable to accelerate the commercialization of smart and safe transportation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200804005578/en/ The RS-Ruby Lite’s on-vehicle road-test point cloud image (Photo: Business Wire) Inheriting The Superb Performanc

Andersen Global Enters Chile With the Addition of Two Collaborating Firms4.8.2020 16:30:00 EESTPress release

Andersen Global enters the Chilean market through Collaboration Agreements with two Santiago-based firms: law firm Chirgwin Peñafiel and tax firm SPASA Consulting. The firms are in close partnership with each other and add depth and breadth to the organization’s Latin American platform as it continues its steady expansion. Founded in 2009, Chirgwin Peñafiel, led by Office Managing Partner Andrés Chirgwin, is a full-service law firm specializing in commercial and corporate law, M&A, energy, labor law and banking & finance. The firm works with a variety of corporate clients, being strongly focused on providing legal support to multinational companies with operations in Chile, while also assisting Chilean-based companies with local and international legal needs. Chirgwin Peñafiel has been recognized by IFLR1000, Leaders League and Best Lawyers. “Our firm is committed to delivering quality, comprehensive solutions to our local and international clients,” Andrés said. “Andersen Global’s cap

Lam Research and VELO3D Strike Strategic Agreement to Use Metal Additive Manufacturing Applications for Production of Semiconductor Capital Equipment4.8.2020 16:25:00 EESTPress release

Digital manufacturing innovator VELO3D and Lam Research Corporation (Nasdaq: LRCX) today announced a joint development agreement that includes collaboration on novel materials and designs in metal additive manufacturing (AM) or 3D printing applications for the semiconductor industry. Lam plans to significantly increase the volume of parts produced by AM over the next five years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200804005187/en/ The VELO3D Sapphire 3D metal printer (Photo: Business Wire) Additive manufacturing allows transformation of the supply chain from production of parts typically manufactured by subtractive methods, to higher performance, innovative designs that enable agile supply chains to adopt Industry 4.0 principles. VELO3D will develop new metal alloys on its Sapphire® printer that are critical to Lam designs and technologies. Lam Capital will also invest an undisclosed amount in VELO3D. “Lam Researc

Latest Generation YellowScan Mapping Systems Rely on Velodyne Lidar Sensors to Meet Demanding Needs of Survey Professionals4.8.2020 15:00:00 EESTPress release

Velodyne Lidar, Inc. today announced two new generation YellowScan mobile mapping systems use Velodyne’s lidar sensors to help achieve the high precision and accuracy needed in aerial 3D mapping. Velodyne’s powerful lidar sensors generate real-time georeferenced point cloud data that allows YellowScan systems to accurately measure and analyze an area so customers can avoid time-intensive, costly manual surveys. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200804005168/en/ The YellowScan Surveyor Ultra is a high density and long range mapping solution equipped with a Velodyne Ultra Puck™ sensor. (Photo: YellowScan) The YellowScan Surveyor Ultra is a high density and long range mapping solution equipped with a Velodyne Ultra Puck™ sensor and ideally suited for high speed unmanned aerial vehicles (UAV), such as VTOL and helicopter drones. The YellowScan Surveyor is the company’s lightest system – at 1.6 kg including the batte

Imricor Announces First Sales Collaboration With Philips4.8.2020 15:00:00 EESTPress release

Imricor Medical Systems, Inc. (Company or Imricor) (ASX:IMR) the worldwide leader in MRI-guided cardiac ablation products, is pleased to announce the first sales collaboration with Philips, a global leader in healthcare technology. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200804005317/en/ Imricor announces first sales partnership with Philips. (Photo: Business Wire) The sales collaboration provides Philips non-exclusive rights to re-sell Imricor’s Advantage-MR System, along with Philips’ industry-leading MRI scanners in European countries that recognize the CE mark. This agreement is the first such agreement signed by Imricor. Imricor’s Chair and CEO, Steve Wedan said: “This agreement is a major milestone for Imricor, allowing Philips to take the lead on driving iCMR lab adoption and enabling us to focus on supporting utilization, growing our portfolio of consumable devices and expanding our indications for use. In thi

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom