Cutera Inc to be delisted from Nasdaq following bankruptcy filing

In a significant development, Cutera Inc, a medical device company specializing in electromedical and electrotherapeutic apparatus, is set to be delisted from The NASDAQ Stock Market LLC. This move comes after the company, known under the trading symbol (NASDAQ:CUTR), initiated voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on March 5, 2025. According to InvestingPro data, the company has been operating under a substantial debt burden of $433.45 million, with a concerning financial health score of 1.4, rated as WEAK.

The Nasdaq Listing Qualifications Department informed Cutera on Wednesday that it would delist the company’s common stock due to non-compliance with Nasdaq Listing Rules. Specifically, the rules in question are 5101, 5110(b), and IM‑5101-1, which govern the suitability for continued listing on the exchange. Trading of Cutera’s common stock is scheduled to be suspended at the opening of business on March 13, 2025, and a Form 25-NSE will be filed with the SEC, effectively removing the stock from Nasdaq. The company’s market capitalization has plummeted to just $2.36 million, with the stock price falling 94.25% over the past year.

Cutera has opted not to appeal the delisting decision. The company’s interim Chief Financial Officer, Stuart Drummond, signed off on the SEC filing that disclosed these events. This filing is based on a press release statement issued by the company.

The forward-looking statements within the report, as mandated by the Private Securities Litigation Reform Act of 1995, indicate that the company does not plan to contest the delisting and acknowledges the March 13 suspension date. However, these statements are subject to risks and uncertainties, especially considering the ongoing Chapter 11 proceedings, which could significantly impact the company’s future.

Investors and stakeholders of Cutera Inc are advised to pay close attention to the company’s filings and announcements for further updates regarding its financial standing and operations in light of these recent developments. For comprehensive analysis of similar situations and to monitor the health of your investments, InvestingPro offers detailed financial health scores and real-time alerts for over 1,400 US stocks, helping investors identify potential risks before they escalate.

In other recent news, Cutera Inc. announced changes to its board of directors. Jeri Hilleman resigned from the board, with her departure not linked to any disagreements with the company’s operations or policies. Following this, Paul Wierbicki was appointed to the board. Wierbicki will receive a monthly fee of $25,000 for his service, with a minimum compensation set at $75,000. This arrangement temporarily suspends the standard outside director compensation program for him. Wierbicki has also signed the company’s standard indemnification agreement. These developments were disclosed in a recent SEC filing by Cutera.

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