VIVEVE MEDICAL, INC. (NASDAQ:VIVE) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Requirement; Transfer of Listing.
As previously disclosed in the Current Report on Form 8-K filed January 16, 2019, Dan Janney resigned from the Board of Directors (the “Board”) of Viveve Medical, Inc. (the “Company”) and each Board committee of which he was a member, including the Audit Committee, on January 16, 2019. As a result, as of that date the Company was no longer compliant with Nasdaq Listing Rule 5605(b)(1), which requires that a majority of the Board be independent, and Nasdaq Listing Rule 5605(c)(2)(A), which requires that the Audit Committee have at least three independent directors.
In accordance with Nasdaq Listing Rules, on January 16, 2019, the Company notified Nasdaq of Mr. Janney’s resignation and non-compliance with the above Nasdaq Listing Rules. Nasdaq responded on January 25, 2019 with a notification letter confirming the Company’s non-compliance with Nasdaq’s independent director requirements as set forth above. Nasdaq advised that, to Nasdaq Listing Rule 5605(b)(1)(A), the Company will have until the following to cure the deficiencies caused by Mr. Janney’s departure:
until the earlier of the Company’s next annual shareholders’ meeting or January 16, 2020; or
if the next annual shareholders’ meeting is held before July 15, 2019, then the Company must evidence compliance no later than July 15, 2019.
On January 29, 2019, the Board appointed Karen Zaderej to the Audit Committee of the Board, curing the Company’s deficiency under Nasdaq Listing Rule 5605(c)(2)(A), which requires that the Audit Committee have at least three independent directors.
The Board intends to cure the remaining deficiency prior to the expiration of the cure period.
About VIVEVE MEDICAL, INC. (NASDAQ:VIVE)
Viveve Medical, Inc., formerly PLC Systems, Inc., designs, develops, manufactures and markets medical devices for the non-invasive treatment of vaginal laxity. The Company’s Viveve Treatment is a non-invasive solution for vaginal laxity that is performed in approximately 30 minutes, in a physician’s office. The Viveve System uses monopolar radiofrequency (RF) energy to generate low temperature heat. The vaginal mucosa is simultaneously cooled while this non-ablative heat is delivered into the submucosal layer. The RF energy stimulates the formation of collagen and causes the collagen fibers to remodel thereby tightening the submucosal tissue of the vaginal introitus. The RF stimulation causes subtle alterations in the collagen that can renew the tissue and further tighten the vaginal tissue over the next 1 to 3 months following treatment (the Viveve Treatment) and lead to increased sexual function.