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BRISBANE, CA - Cutera (NASDAQ:CUTR) Inc, a medical device company specializing in the design and production of laser and other energy-based aesthetics systems, has announced its intention to voluntarily delist its common stock from the NASDAQ Global Select Stock Market. This move comes on the heels of the company’s recent commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on March 5, 2025. According to InvestingPro data, the company operates with a substantial debt burden of $433.45 million and has been rapidly burning through cash, with negative free cash flow of $120.38 million in the last twelve months.
The delisting notification was issued today, following a decision by the NASDAQ’s Listing Qualifications Department to delist Cutera’s common stock due to the bankruptcy proceedings initiated last week. The company anticipates filing a Form 25 with the Securities and Exchange Commission (SEC) around March 20, 2025, to formally remove its stock under Section 12(b) of the Securities Exchange Act of 1934. The delisting is expected to take effect approximately ten days after the filing. The stock, currently trading at $0.12, has experienced a dramatic decline of 95% over the past year, reflecting the company’s deteriorating financial condition.
Subsequent to the delisting, Cutera plans to file a Form 15 with the SEC to suspend its reporting obligations under the Exchange Act. The company has not secured a listing or registration on another national securities exchange or quotation medium. However, there is a possibility that Cutera’s stock may be quoted on the Pink Open Market operated by the OTC Markets Group Inc., contingent upon a market maker sponsoring the security in compliance with Rule 15c2-11 under the Exchange Act. No assurances have been provided that a trading market for Cutera’s common stock will be available in the future.
This press release includes forward-looking statements regarding Cutera’s intentions and potential outcomes, including the future quotation of its common stock. These statements are subject to risks and uncertainties, particularly in light of the ongoing Chapter 11 proceedings and their impact on the company’s securities listing. InvestingPro analysis reveals a weak overall financial health score of 1.33, with 15 additional key insights available to subscribers. The comprehensive Pro Research Report, available on InvestingPro, provides detailed analysis of Cutera’s financial position among 1,400+ top US stocks.
Cutera’s decision to delist and the subsequent processes are based on current information and reflect the company’s compliance with regulatory requirements and its strategic response to its financial situation. The information is based on a press release statement from the company filed with the SEC.
In other recent news, Cutera Inc. is set to be delisted from The NASDAQ Stock Market LLC after initiating voluntary Chapter 11 bankruptcy proceedings. This decision follows the Nasdaq Listing Qualifications Department’s notification that Cutera’s common stock will be suspended from trading due to non-compliance with specific Nasdaq Listing Rules. The delisting is scheduled to take effect on March 13, 2025, and the company has chosen not to appeal the decision. Additionally, Cutera announced a change in its board of directors, with Jeri Hilleman resigning and Paul Wierbicki being appointed as her replacement. Wierbicki will receive a monthly fee of $25,000 for his board service, and his compensation arrangement will differ from the standard program. These developments come amid ongoing Chapter 11 proceedings, which could impact Cutera’s future operations. Investors are advised to monitor Cutera’s filings and announcements for further updates.
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