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Medovex Corporation Releases Letter to Shareholders
Medovex Corporation Releases Letter to Shareholders.
About this update from Innoveren Scientific Inc.
[{"type":"text","content":"\n\n ATLANTA, Nov. 20, 2017 (GLOBE NEWSWIRE) -- Medovex Corp. (OTCQB:MDVX) (\"Medovex\" or the \"Company\"), the developer of the DenerveX® System, a new and novel device designed for enduring relief of Facet Joint Syndrome related to chronic back pain, a non-addictive, non-opioid drug alternative capable of restoring a patient to a more normal and active lifestyle, today released the following open letter to shareholders.\n Dear Fellow Shareholder, In light of recent developments that have adversely affected our collective investments in Medovex, I believe it important that I personally take the time to write to you today. As you know, Medovex’s management and insiders own a considerable amount of our Company’s shares. Because of this, we believe that our goals are clearly aligned with our shareholders. In just the last fifteen months, there have been approximately 15 open market purchases of company stock by insiders representing approximately 2 million shares, or an investment of just in excess of $3 million at a weighted average price of approximately $1.48. Over 50% were purchased at or above $1.75. We understand the frustration a declining stock price can cause, but we also understand that communication is the key to keeping frustration from becoming speculation.    Nasdaq Delisting On Tuesday November 14th, we filed a Form 8K filing with the Securities and Exchange Commission indicating that our common shares would no longer be quoted on Nasdaq, but that we had applied to list our shares on the OTCQB exchange. That approval has now occurred where our shares currently trade under the ticker symbol “MDVX”.  We indicated that this transition to the OTCQB market has no impact on the Company's business operations. The Company will continue to file periodic and certain other reports with the Securities and Exchange Commission just as if it were still listed on Nasdaq. We expect to file our fiscal third quarter 2017 10Q within the extension period. I feel it’s very important to explain to you why this event occurred. The company has been working for the past six months on a round of financing that we believe will take the company through US clinical trials and other important growth activities and possibly to a point of cash flow positive. This financing is expected to be on very...