Nuvectra Corporation (NASDAQ:NVTR) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure.
Monthly Operating Report
As previously disclosed, on November 12, 2019, Nuvectra Corporation (the “Company”) filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code (the “Chapter 11 Case”) in the U.S. Bankruptcy Court for the Eastern District of Texas (the “Bankruptcy Court”). The Chapter 11 Case is being administered under the caption In re Nuvectra Corporation, Case No. 19-43090.
On December 20, 2019, the Company filed with the Bankruptcy Court a monthly operating report for the period of November 13, 2019 through November 30, 2019 (the “Monthly Operating Report”). The Monthly Operating Report is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.
The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished under Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. The filing of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.
Cautionary Note Regarding the Monthly Operating Report
Investors and potential investors should not place undue reliance on the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any securities of the Company. The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. The financial information in the Monthly Operating Report was not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and, therefore, may exclude items required by GAAP, such as certain reclassifications, non-cash items, accruals, valuations and disclosures. The Monthly Operating Report also contains information for a period which is different from the historical periods required in the Company’s reports under the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results that would be reflected in the Company’s financial statements or its reports under the Exchange Act. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete. Results and information set forth in the Monthly Operating Report should not be viewed as indicative of future results.
Additional Information Regarding the Chapter 11 Case
The Monthly Operating Report and other filings with the Bankruptcy Court related to the Chapter 11 Case are available electronically at http://www.kccllc.net/nuvectra. Information contained on, or that can be accessed through, such website or the Bankruptcy Court is not part of this Current Report on Form 8-K, and the Company disclaims liability for any such information.
Item 8.01 Other Events.
Full-Body MR-Conditional Approval for Algovita®
On December 31, 2019, the U.S. Food and Drug Administration (the “FDA”) granted full-body magnetic resonance (MR)-conditional approval for the Company’s Algovita® spinal cord stimulation product. The approval was granted following the FDA’s 180-day review process with respect to the Company’s previously announced regulatory submission in June 2019.
Item 9.01 Financial Statements and Exhibits.
Nuvectra Corp Exhibit
EX-99.1 2 ex_168355.htm EXHIBIT 99.1 ex_168355.htm Exhibit 99.1 Monthly Operating Report ACCRUAL BASIS CASE NAME: Nuvectra Corporation CASE NUMBER: 19-43090 JUDGE: Honorable Brenda T. Rhoades UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF TEXAS REGION 6 MONTHLY OPERATING REPORT MONTH ENDING: November 30 2019 MONTH YEAR IN ACCORDANCE WITH TITLE 28,…
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About Nuvectra Corporation (NASDAQ:NVTR)
Nuvectra Corporation is a neurostimulation company that focuses on helping physicians to improve the lives of people with chronic neurological conditions. The Company’s Algovita Spinal Cord Stimulation (SCS) System (Algovita) is the Company’s commercial offering and is Conformite Europeene (CE) marked and the United States Food and Drug Administration (FDA) approved for the treatment of chronic pain of the trunk and/or limbs. Its technology platform also has capabilities under development to support other neurological indications, such as sacral nerve stimulation (SNS) and deep brain stimulation (DBS). In addition, its NeuroNexus Technologies, Inc. (NeuroNexus) subsidiary designs, manufactures and markets neural-interface technologies for the neuroscience clinical research market. Its Virtis is an application of the Company’s neurostimulation technology platform and its first product for the SNS market. Its subsidiaries include Algostim, LLC (Algostim) and PelviStim LLC (PelviStim).