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Sonendo Delisted from NYSE

CEO says company undervalued; switches to over the counter

Laguna Hills-based Sonendo Inc. (NYSE: SONX), a maker of dental equipment, announced it will no longer trade on the New York Stock Exchange due to its market cap being under $50 million during 30 consecutive days of trading.

Sonendo said it will begin trading its common stock on Nov. 22 on the OTCQX Best Market, the highest market tier operated by the OTC Markets Group Inc.

The company said it intends to take all advisable actions to maintain its listing on the NYSE, including appealing the decision.

Sonendo said the transition to the OTCQX will not affect the company’s business operations.

“We firmly believe that our current stock price and market capitalization do not reflect the intrinsic value of Sonendo’s underlying business,” Sonendo Chief Executive Bjarne Bergheim said in a statement. “We remain steadfast in our commitment to the company’s fundamentals, the value of our GentleWave technology, and the prospect of leveraging meaningful growth opportunities.”

Sonendo developed the GentleWave System, which treats tooth decay by cleaning and disinfecting the microscopic spaces within teeth without the need to remove tooth structure.

Sonendo today fell 4.3% to 23 cents a share and a $12.5 million market cap. After the company went public in 2021, it reached as high as $11.50 a share.

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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