ESC Medical Systems
This article was originally published in The Gray Sheet
Executive Summary
Trading began Sept. 17 under the symbol "ESCM" on the Nasdaq exchange. The Yokneam, Israel firm's stock previously traded under the symbol "ESCMF." The change reflects the firm's change in Securities and Exchange Act reporting status as of June 23 to comply with broader requirements applicable to U.S. stock issuers versus those of foreign private issuers. Separately, a comprehensive restructuring plan announced Sept. 21 is anticipated to save over $40 mil. annually. The plan, expected to be implemented by April, includes reductions in selling, general and administrative expenses, head count and non-core R&D expenditures, to align the cost structure with revenue capabilities and enhance growth potential. Details of the plan will be released in conjunction with third-quarter financial results later this year