Quipt Home Medical Announces Corporate Update
CINCINNATI, May 21, 2021 Quipt Home Medical Corp. (“Quipt” or the “Company”) (TSXV:QIPT; OTCQX:PTQQD), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to provide a corporate update.
“We have had a very busy and exciting month of May at Quipt. We continue to strategically position the Company for continued robust growth and are working hard to garner awareness across both sides of the border at this important stage in the Company’s lifecycle,” commented Greg Crawford, CEO and Chairman of Quipt. “There continues to be extraordinary tailwinds for our business, and with our deep acquisition pipeline, highly-scalable infrastructure, pristine balance sheet, and continued operating momentum, we are ready to capitalize on the overarching opportunity and aggressively grow into a national provider of respiratory equipment in the United States. We look forward to sharing our second quarter fiscal 2021 results on June 1st and working towards being NASDAQ listed by end of June.”
The Company concluded an extensive review on its complete rebranding initiative and has become Quipt Home Medical. Quipt carries on the patient centric model implored by the Company historically to meet the one-of-a-kind needs of every patient in its ecosystem. Supported by the reach and the reputation of our local brands, we strive to enrich the lives of our patients by providing full-service home respiratory solutions to suit every kind of need, for every kind of patient. The Company anticipates leveraging Quipt as a brand into local markets, to further compliment the Company’s ongoing organic growth initiatives. Quipt operates out of 51 locations in 11 states with over 17,000 referring physicians and approximately 120,000 current active patients.
Effective May 13, 2021, all of Quipt’s issued and outstanding common shares (“Common Shares”) began trading on the TSX Venture Exchange (“TSXV”) on a post-consolidation basis and under its new name and new TSXV symbol (QIPT). The share consolidation represented another step towards the proposed listing of the Common Shares on The Nasdaq Capital Market (“Nasdaq”) by meeting the minimum share price requirement set by Nasdaq for an initial listing of shares. There are now 30,708,698 Common Shares issued and outstanding.
Quipt’s common shares will continue to trade on the OTCQX under the ticker symbol “PTQQD” for an additional two weeks denoting the share consolidation, prior to reverting back to “PTQQF”. Quipt plans to change its OTCQX ticker symbol to “QIPT” upon its initial listing on Nasdaq.
On May 14, 2021, the Company filed its Form 40-F Registration Statement (“Form 40-F”) with the United States Securities and Exchange Commission (the “SEC”), fulfilling a significant milestone in the process for the Company to list its Common Shares on Nasdaq. Quipt will become a reporting issuer in the United States following effectiveness of the Form 40-F, in addition to being a reporting issuer in Canada. A copy of the Form 40-F is available on EDGAR and the Company's website located at www.quipthomemedical.com.
Listing of the Common Shares on Nasdaq remains subject to the approval of Nasdaq and the satisfaction of all applicable listing and regulatory requirements, including the effectiveness of the Form 40-F by the SEC. Following receipt of all required approvals, the Company will issue a press release announcing its first anticipated trading date on Nasdaq.
In addition, the board of directors of the Company has approved the grant of 1,346,250 stock options and 953,750 restricted stock units under its 2021 Equity Incentive Plan to eligible officers, directors and employees and consultants of the Company. The options are exercisable at CAD$8.48 per share vest over three years and expire in ten years. The restricted stock units vest over two years and will be settled in Common Shares.