MODV News & Events

Modivcare announced that, on August 21, the company was notified by the Listing Qualifications Department of The Nasdaq Stock Market that Nasdaq had determined to commence proceedings to delist the company's common stock as a result of the company's commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on August 20. Information regarding the company's plans to implement, through expedited bankruptcy proceedings, a comprehensive restructuring transaction to strengthen its future, reduce debt and inject capital was announced in an August 20 press release. The restructuring transaction has the support of a supermajority of the company's key stakeholders.

Modivcare "announced that it has taken necessary and decisive action intended to strengthen its financial foundation while continuing to provide access to care, reduce costs, and improve outcomes for clients and members nationwide. Modivcare has filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas to implement a comprehensive restructuring transaction with the support of a supermajority of its key stakeholders. Through this process, Modivcare intends to build a stronger, sustainable organization, positioned for growth and well-equipped to meet the critical needs of members across its non-emergency medical transportation, personal care services and remote patient monitoring service lines."

Modivcare has regained compliance with Nasdaq regarding the company's market value of publicly held shares. On July 7, the company received confirmation from Nasdaq that it regained compliance for continued listing on Nasdaq, having confirmed that the company's market value of shares had been above $15M for at least the last 20 consecutive business days.