SS Innovations Provides Key Audit and Stock Market Update
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SS Innovations International, Inc. Provides Important Update
SS Innovations International, Inc. (OTC: SSII) has recently communicated significant developments regarding its audit process and the status of its common stock trading. The company, known for its innovative surgical robotic technologies, aims to make advanced robotics accessible for surgery worldwide.
Changes in Accounting Firm
In light of recent events, the company addressed shareholders about a crucial shift in their accounting. The Securities and Exchange Commission (SEC) prohibited BF Borgers CPA PC from practicing as an independent registered public accounting firm, affecting SS Innovations and many others. This led the company to terminate its relationship with Borgers and hire BDO India as their new accountant.
Reaudit and Internal Review
After taking these steps, SS Innovations directed BDO to re-audit its financial statements for the years ending December 31, 2023, and December 31, 2022. Simultaneously, the company initiated an internal review of its accounting policies and internal control systems.
On August 14, 2024, the company filed a Form 8-K with the SEC, indicating it would restate its audited financial statements for the aforementioned years and the interim unaudited financials for several quarters. This filing contains comprehensive details concerning these changes.
Market Trading Status
Due to the missed filing deadlines, the trading status of SS Innovations' common stock was affected. The company’s stock was moved from the OTC Pink Tier to the Expert Market Tier by OTC Markets, Inc. The Expert Market is a restricted venue for companies that are not current with their filings, limiting public access and liquidity for shares of SS Innovations.
It's crucial to understand that the company is actively working to finalize the audit and restore timely filings to regain its status on the OTC Pink Tier. By regaining compliance, it aims to eventually pursue an uplisting of its common stock to a more prominent trading venue.
Impact on Operations and New Leadership
The unfortunate situation related to the prior accounting firm has not detrimentally impacted the operational capabilities or growth trajectories of SS Innovations, as outlined in their ongoing SEC reports and public communications. Furthermore, the leadership team has been strengthened by the recent addition of two independent directors—Dr. Frederic H. Moll and Timothy P. Adams—each bringing decades of experience in surgical robotics and healthcare management.
About SS Innovations International, Inc.
SS Innovations focuses on developing surgical robotic technologies. The company's flagship products include the cutting-edge “SSi Mantra” surgical robotic system along with a comprehensive range of surgical instruments known as “SSi Mudra.” These innovations enable a variety of surgical procedures while maintaining affordability and accessibility for healthcare providers worldwide.
Headquartered in India, SS Innovations is preparing to expand its advanced robotic surgical solutions globally. This growth strategy involves not only providing innovative technology but also actively seeking regulatory approvals in the United States and the European Union, anticipating market entries in the upcoming years.
Regulatory Approvals and Clinical Validation
The SSi Mantra system has already secured regulatory approval for medical devices in India, validating its clinical applications across over 70 surgical procedures. The company is committed to advancing its technology with the goal of receiving FDA and CE Mark approvals in the near future, aiming for clinical adoption in diverse healthcare environments.
Frequently Asked Questions
What recent changes occurred with SS Innovations' accounting firm?
SS Innovations switched from BF Borgers CPA PC to BDO India as their new independent registered public accounting firm following SEC sanctions against Borgers.
How does the Expert Market status affect SS Innovations' stock?
Being on the Expert Market restricts access for the public and limits trading liquidity, which could impact stock valuation perceptions.
What steps is SS Innovations taking to regain its former trading status?
The company is actively working to complete its audit and file necessary amended reports with the SEC to return to the OTC Pink Tier.
What new additions were made to SS Innovations' leadership team?
Two new independent directors, Dr. Frederic H. Moll and Timothy P. Adams, have joined the board, bringing extensive experience in surgical robotics and healthcare.
What innovative products does SS Innovations offer?
SS Innovations has developed the SSi Mantra surgical robotic system and a range of surgical instruments, aiming to improve surgical outcomes while making advanced technology accessible.
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