Item 7.01 Regulation FD Disclosure.
Monthly Operating Report
As previously disclosed, on November 12, 2019, Nuvectra Corporation (the
"Company") filed a voluntary petition for reorganization under Chapter 11 of the
U.S. Bankruptcy Code (the "Chapter 11 Case") in the U.S. Bankruptcy Court for
the Eastern District of Texas (the "Bankruptcy Court"). The Chapter 11 Case is
being administered under the caption In re Nuvectra Corporation, Case No.
19-43090.
On December 20, 2019, the Company filed with the Bankruptcy Court a monthly
operating report for the period of November 13, 2019 through November 30, 2019
(the "Monthly Operating Report"). The Monthly Operating Report is attached as
Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference
into this Item 7.01.
The information in this Current Report on Form 8-K, including Exhibit 99.1
hereto, is being furnished under Item 7.01 of Form 8-K and shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), or otherwise subject to the liabilities of that
section, nor shall it be deemed incorporated by reference into any of the
Company's filings under the Securities Act of 1933, as amended, or the Exchange
Act, whether made before or after the date hereof and regardless of any general
incorporation language in such filings, except to the extent expressly set forth
by specific reference in such a filing. The filing of this Current Report on
Form 8-K shall not be deemed an admission as to the materiality of any
information herein that is required to be disclosed solely by reason of
Regulation FD.
Cautionary Note Regarding the Monthly Operating Report
Investors and potential investors should not place undue reliance on the
information contained in the Monthly Operating Report, which was not prepared
for the purpose of providing the basis for an investment decision relating to
any securities of the Company. The Monthly Operating Report is limited in scope,
covers a limited time period, and has been prepared solely for the purpose of
complying with the requirements of the Bankruptcy Court. The Monthly Operating
Report was not audited or reviewed by independent accountants, is in a format
prescribed by applicable bankruptcy laws, and is subject to future adjustment
and reconciliation. The financial information in the Monthly Operating Report
was not prepared in accordance with accounting principles generally accepted in
the United States ("GAAP") and, therefore, may exclude items required by GAAP,
such as certain reclassifications, non-cash items, accruals, valuations and
disclosures. The Monthly Operating Report also contains information for a period
which is different from the historical periods required in the Company's reports
under the Exchange Act, and such information might not be indicative of the
Company's financial condition or operating results that would be reflected in
the Company's financial statements or its reports under the Exchange Act. There
can be no assurance that, from the perspective of an investor or potential
investor in the Company's securities, the Monthly Operating Report is complete.
Results and information set forth in the Monthly Operating Report should not be
viewed as indicative of future results.
Additional Information Regarding the Chapter 11 Case
The Monthly Operating Report and other filings with the Bankruptcy Court related
to the Chapter 11 Case are available electronically at
http://www.kccllc.net/nuvectra. Information contained on, or that can be
accessed through, such website or the Bankruptcy Court is not part of this
Current Report on Form 8-K, and the Company disclaims liability for any such
information.
Item 8.01 Other Events.
Full-Body MR-Conditional Approval for Algovita®
On December 31, 2019, the U.S. Food and Drug Administration (the "FDA") granted
full-body magnetic resonance (MR)-conditional approval for the Company's
Algovita® spinal cord stimulation product. The approval was granted following
the FDA's 180-day review process with respect to the Company's previously
announced regulatory submission in June 2019.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Monthly Operating Report for the period of November 13, 2019 through
November 30, 2019, filed with the United States Bankruptcy Court for the
Eastern District of Texas
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