Motus GI Holdings, Inc.: Nasdaq/NYSE listing notice — Motus GI explores strategic alternatives, cuts 45% of staff; receives Nasdaq equity deficiency notice

Motus GI Holdings, Inc.

Engaged Lake Street Capital to advise on potential acquisition, merger, reverse merger, sale of assets, or licensing.
Restructuring plan cuts ~45% of workforce in Q1 2023, reducing quarterly cash expenditures by ~35%.
Non-management board fees deferred; no salary/bonus increases for executives; CEO gets $150K retention, COO $100K, CFO $75K.
Received Nasdaq notice for non-compliance with $2.5M minimum stockholders' equity (reported $762K at Sep 30); must submit compliance plan by Feb 18, 2023.
Company continues to support Pure-Vu EVS customers; plans to seek FDA approval for Pure-Vu EVS Gastro in H2 2023.

item 2.05 item 3.01 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Motus GI Holdings, Inc. received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5550(b)(1)

Exact text from the filing

January 4, 2023, the Company received notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that it is not in compliance with Nasdaq Listing Rule 5550(b)(1) which requires companies listed on Nasdaq to maintain a minimum $2,500,000 in stockholders’ equity for continued listing. The Company reported stockholders’ equity of $762,000 in its quarterly report on Form 10-Q for the period ended September 30, 2022, and, as a result, does not currently satisfy Listing Rule 5550(b)(1). The Notice has no immediate impact on the listing of the Company’s common stock, which will cont

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Motus GI Holdings, Inc. announced a restructuring with charges of approximately $1.0 to $2.0 million (approximately 45% of its workforce).

Type: restructuring
Charge: approximately $1.0 to $2.0 million
Headcount: approximately 45% of its workforce

Exact text from the filing

the Board of Directors of the Company (the "Board") approved a strategic restructuring program aimed at capital preservation. The Company expects to reduce its quarterly cash expenditures by approximately 35% by eliminating approximately 45% of its workforce during the first quarter of 2023. In connection with the restructuring, the Company expects to incur a non-recurring charge of approximately $1.0 to $2.0 million in the first quarter of 2023.

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Source: SEC EDGAR

accession 0001493152-23-001032

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