Ra Medical Systems Receives Notice from NYSE American Regarding Late Filing of Quarterly Report on Form 10-Q

FORT MILL, SC / ACCESSWIRE / May 30, 2023 / Ra Medical Systems, Inc. (the "Company") (NYSE American:RMED) announced today that on May 23, 2023, the Company received a notice from NYSE Regulation stating that the Company is not in compliance with the continued listing standards of the NYSE American (the "Exchange") under the timely filing criteria set forth in Section 1007 of the NYSE American Company Guide (the "Company Guide"). The non-compliance results from the Company's previously disclosed failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the "Delinquent Report") by the extended filing due date of May 22, 2023 (the "Filing Delinquency").

As previously disclosed, the delay in the filing of the Company's Quarterly Report relates principally to completion of the auditor's review process. The delay in the review process relates to the accounting for the acquisition of Catheter Precision during the first quarter, including, among other items, the valuation of the Series X preferred stock exchanged for Catheter Precision common stock, the allocation of the derived valuation amongst the assets acquired (including the allocation to intangible product values, intellectual property values, and goodwill value), and the perceived decline in value of the various allocations from the purchase date on January 9, 2023 to the end of the quarterly period of March 31, 2023. The decline in the value of the assets acquired is under review as a result of the decline in the RMED common stock trading price since the acquisition date. Although the Company does not anticipate a lengthy delay, it is unable to project an exact filing date at this time. Management and the audit committee are continuing to work towards the completion of the Quarterly Report and are cooperating with the Company's auditors to ensure the review is completed as soon as possible.

In accordance with Section 1007 of the Company Guide, the Company will have six months from the date of the Filing Delinquency, or until November 22, 2023 (the "Initial Cure Period"), to file the Form 10-Q with the SEC. During the Initial Cure Period, the Exchange will monitor the Company and the status of the Delinquent Report and any subsequent delayed filings, until the Filing Delinquency is cured. If the Company fails to file the Form 10-Q during the Initial Cure Period, the Exchange may, in its sole discretion, provide an additional six-month cure period (the "Additional Cure Period"). If the Exchange determines that an Additional Cure Period is not appropriate, suspension and delisting procedures will commence in accordance with the procedures set out in Section 1010 of the Company Guide. If the Exchange determines that an Additional Cure Period of up to six months is appropriate and we fail to file the Delinquent Report and any subsequent delayed filings by the end of that period, suspension and delisting procedures will generally commence. The Company can regain compliance with the Exchange's continued listing standards at any time during the Initial Cure Period or Additional Cure Period, as applicable, by filing the Form 10-Q and any subsequent delayed filings with the SEC.