• SEC Filings

Letter from Nasdaq dated July 15, 2020

On July 15, 2020, The Nasdaq Stock Market (“Nasdaq”) notified Second Sight Medical Products, Inc. (the “Company”) that it again qualifies for a cure period to meet listing rules brought into question due to changes in its board of directors.  The Company previously reported regarding letters from Nasdaq dated April 15, 2020, June 1, 2020, and June 2, 2020.  

As previously disclosed, Nasdaq notified the Company on April 15, 2020, that due to the appointment of Matthew Pfeffer, one of the Company’s independent directors, as the acting Chief Executive Officer of the Company effective March 27, 2020, it no longer complied with Nasdaq’s independent director and audit committee requirements as set forth in Listing Rule 5605 (the “Listing Rules”). On June 1, 2020, Nasdaq notified the Company that following the resignation of William J. Link as a director effective May 31, 2020, the Company’s noncompliance with the Listing Rules was then due to more than one vacancy on its board and audit committee. As a result, Nasdaq advised the Company that it was no longer eligible for the cure period set forth in our Form 8-K filed June 4, 2020 and that a plan of compliance was required to be submitted no later than July 16, 2020.

The Company’s board of directors has concluded that the Company’s non-executive Chair, Gregg Williams, meets the criteria of an independent director and has appointed Mr. Williams to be a member of the Audit Committee as of June 22, 2020, as a result of which the Company has only one vacancy on its board and committees.  In the July 15, 2020 letter, Nasdaq acknowledged the Company’s conclusion regarding Mr. Williams’ independent director status and appointment to the Audit Committee.  As a result, the Company is again eligible for the cure period provided in Nasdaq’s Listing Rules. As such, Nasdaq reiterated that consistent with Listing Rules 5605(b)(1)(A) and 5605(c)(4), the Company’s cure period to regain compliance is as follows:

or

The Company must submit to Nasdaq documentation, including biographies of any new directors, evidencing compliance with the rules no later than as described above. If the Company does not regain compliance by the dates set forth above, Nasdaq will provide written notification to the Company that its securities will be delisted, at which time the Company may appeal the delisting determination to a Nasdaq Hearing Panel.

A list of all non-compliant Nasdaq companies and the reason(s) for such non-compliance is posted on Nasdaq’s website at listingcenter.nasdaq.com. The Company will be included in this list commencing five business days from the notification date. The Company intends to regain compliance with the independent director and audit committee requirements under the Listing Rules, however no assurance can be given that the Company will be able to regain compliance.

About SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES)

Second Sight Medical Products, Inc. is engaged in developing, manufacturing and marketing prosthetic devices that restore vision to blind individuals. The Company’s product, the Argus II System, treats outer retinal degenerations, such as retinitis pigmentosa (RP). The Argus II System provides an artificial form of vision that differs from the vision of people with normal sight. It does not restore normal vision and it does not slow or reverse the progression of the disease. The Company’s Argus II System employs electrical stimulation to bypass degenerated photoreceptor cells and to stimulate remaining viable retinal cells thereby inducing visual perception in blind individuals. The Argus II System works by converting video images captured by a miniature camera housed in a patient’s glasses into a series of small electrical pulses that are transmitted wirelessly to an array of electrodes that are implanted on the surface of the retina.