SUWANEE, GA, July 24, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — SANUWAVE Health, Inc. (OTCQB: SNWV) (“SANUWAVE” or the “Company”) today announced the results from the Company’s 2020 Annual Meeting of Stockholders, held Thursday, July 23, 2020.
All director nominees, including Kevin A. Richardson II, John F. Nemelka, Alan L Rubino, A. Michael Stolarski, Maj-Britt Kaltoft, and Thomas Price were elected to the Company’s board of directors. Stockholders also approved the ratification of the appointment of Marcum LLP as the Company’s independent public accounting firm for the fiscal year ending December 31, 2020; the reincorporation of the Company from the State of Nevada to the State of Delaware; an amendment to the Company’s articles of incorporation to increase the number of authorized shares of the Company’s common stock by 250 million shares to 600 million shares; the grant of authority to the Company’s board of directors to effect a reverse split of the Company’s outstanding common stock at a ratio of between 1-for-10 and 1-for-50; and, on an advisory basis, the executive compensation of the Company’s named executive officers, commonly known as “say-on-pay.” In addition, the stockholders voted, on an advisory basis, to hold a “say-on-pay” vote at a frequency of once every three years.
“SANUWAVE is extremely pleased with the outcome of our Annual Meeting of Stockholders,” stated Kevin A. Richardson II, the Company’s Chief Executive Officer. “With our stockholders’ approval, as reflected at the Annual Meeting, we intend to transform SANUWAVE. We expect to soon accomplish the reincorporation by converting to a Delaware corporation. Further, we expect to use some of the additional authorized shares to help complete the purchase of Celularity’s UltraMIST assets and partnership rights for its wound care biologic products. In the near future, the Company expects to file an application to have its securities listed on Nasdaq. We want to thank our stockholders for their ongoing support.”
The Company has filed a Current Report on Form 8-K with the SEC (https://www.sec.gov/Archives/edgar/data/1417663/000165495420007965/0001654954-20-007965-index.htm) reporting the results of the 2020 Annual Meeting.
About SANUWAVE Health, Inc.
SANUWAVE Health, Inc. (OTCQB:SNWV) (www.SANUWAVE.com) is a shockwave technology company initially focused on the development and commercialization of patented noninvasive, biological response activating devices for the repair and regeneration of skin, musculoskeletal tissue and vascular structures. SANUWAVE’s portfolio of regenerative medicine products and product candidates activate biologic signaling and angiogenic responses, producing new vascularization and microcirculatory improvement, which helps restore the body’s normal healing processes and regeneration. SANUWAVE applies its patented PACE® technology in wound healing, orthopedic/spine, plastic/cosmetic and cardiac conditions. Its lead product candidate for the global wound care market, dermaPACE®, is US FDA cleared for the treatment of Diabetic Foot Ulcers. The device is also CE Marked throughout Europe and has device license approval for the treatment of the skin and subcutaneous soft tissue in Canada, South Korea, Australia and New Zealand. SANUWAVE researches, designs, manufactures, markets and services its products worldwide, and believes it has demonstrated that its technology is safe and effective in stimulating healing in chronic conditions of the foot (plantar fasciitis) and the elbow (lateral epicondylitis) through its U.S. Class III PMA approved OssaTron® device, as well as stimulating bone and chronic tendonitis regeneration in the musculoskeletal environment through the utilization of its OssaTron, Evotron® and orthoPACE® devices in Europe, Asia and Asia/Pacific. In addition, there are license/partnership opportunities for SANUWAVE’s shockwave technology for non-medical uses, including energy, water, food and industrial markets.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Such forward-looking statements include, without limitation, the expected reincorporation of the Company to a Delaware corporation, the expected use of some of the additional authorized shares for the Company’s expected purchase of Celularity’s UltraMIST assets and partnership rights for its wound care biologic products and the expected filing of the Company’s application to have its securities listed on Nasdaq. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect future business development activities, operating results, performance and financial condition are that the reincorporation to the State of Delaware will not be completed, that the potential acquisition of Celularity’s UltraMIST assets and partnership rights for its wound care biologic products will not be consummated or, if completed, that the acquisition will not have the expected benefits to the Company, that the expected filing of the Company’s application to have its securities listed on Nasdaq will be abandoned or rejected, risks related to the duration and severity of the COVID-19 virus outbreak and its impact on the Company’s business specifically or economic conditions more broadly, risks associated with the regulatory approval and marketing of the Company’s product candidates and products, unproven pre-clinical and clinical development activities, regulatory oversight, the Company’s ability to manage its capital resource issues, competition, and the other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
For additional information about the Company, visit www.SANUWAVE.com.
Contact:
Millennium Park Capital LLC
Christopher Wynne
312-724-7845
cwynne@mparkcm.com
SANUWAVE Health, Inc.
Kevin Richardson II
CEO and Chairman of the Board
978-922-2447
investorrelations@SANUWAVE.com
