June 18, 2015 - IMRIS Inc. received a letter May 26 from the NASDAQ Stock Market stating that it would be delisted and trading suspended on June 4.
IMRIS said this was in accordance with Listing Rules 5101, 5110(b), and IM-5101-1. A Form 25-NSE will be filed with the Securities and Exchange Commission (the SEC), which will remove the company's securities from listing and registration on The Nasdaq Stock Market.
The Nasdaq staff determination was based on the following factors:
- The associated public interest concerns raised by the company's press release dated May 26, 2015, in which the company announced it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code;
- Concerns regarding the residual equity interest of the existing listed securities holders; and
- Concerns about the company's ability to sustain compliance with all requirements for continued listing on The Nasdaq Stock Market.
IMRIS provides image-guided therapy solutions through its Visius Surgical Theatre. The multi-room suites incorporate diagnostic-quality high-field magnetic resonance (MR), computed tomography (CT) and angiography modalities in the operating room setting. Visius Surgical Theatres serve the neurosurgical, cardiovascular, spinal and cerebrovascular markets.
For more information: www.imris.com