BioStem Technologies Provides Update on the Company’s Form 10 Submission and SEC Review Process
- Company expects to file amended Form 10 by June 2025 with resolved SEC accounting comments
- Progress made towards potential Nasdaq uplisting with initial application submitted
- Company maintains AATB accreditation and FDA registration for manufacturing facility
- Successful resolution of SEC questions regarding revenue treatment and bona fide service fees
- Form 10 registration statement not yet effective after initial submission in September 2024
- Uplisting remains subject to SEC Form 10 effectiveness and meeting Nasdaq requirements
- Extended review process with SEC regarding accounting treatment indicates potential complexity in financial reporting
Upon SEC approval of the amended Form 10, BioStem expects to advance its uplisting to Nasdaq
POMPANO BEACH, Fla., June 03, 2025 (GLOBE NEWSWIRE) -- BioStem Technologies, Inc. (“BioStem” or the “Company”) (OTC: BSEM), a leading MedTech company focused on the development, manufacturing, and commercialization of placental-derived products for advanced wound care, today provides an update on the Company’s Form 10 registration statement and SEC review process.
BioStem believes it has favorably resolved outstanding SEC accounting comments and anticipates filing an amended Form 10 by the end of June 2025. The amended filing is expected to include audited financial statements for fiscal year 2023 and 2024, as well as unaudited results for the first quarter of 2025. Upon formal completion of the SEC review process and effectiveness of the Form 10, the Company expects to proceed with its planned uplisting to the Nasdaq Capital Market.
The Company initially submitted its Form 10 in September 2024 and has worked closely with its auditors and the SEC throughout the review process including to address questions regarding the accounting treatment of revenue generated from the sale of BioStem’s products to end users, as well as the bona fide service fees paid to Venture Medical in connection with the sale, marketing and distribution of BioStem’s products. The Company has submitted its initial Nasdaq listing application. Uplisting is subject to effectiveness of the Form 10 and other Nasdaq listing requirements, which we expect to satisfy at such time as the Form 10 is declared effective.
Jason Matuszewski, BioStem’s CEO, stated: “We are encouraged by the progress made to date and remain actively engaged with the SEC as we work through the final stages of the review process. While our Form 10 has not yet been declared effective, we are optimistic about the path forward. I want to thank our auditors, legal counsel, and dedicated team for their continued commitment and focus in driving this process. We are also grateful for the patience and support of our shareholders and look forward to providing further updates as we approach this important milestone.”
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About BioStem Technologies, Inc. (OTC: BSEM):
BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for advanced wound care. The Company is focused on manufacturing products that change lives, leveraging its proprietary BioREtain® processing method. BioREtain® has been developed by applying the latest research in advanced wound care, focused on maintaining growth factors and preserving tissue structure.
BioStem’s quality management systems and standard operating procedures are accredited by the American Association of Tissue Banks (“AATB”) and adhere to Good Tissue Practices (cGTP and Good Manufacturing Processes (“cGMP”). Our portfolio of quality brands includes AmnioWrap2™, VENDAJE®, VENDAJE AC®, VENDAJE OPTIC®, American Amnion and American Amnion AC. Each BioStem Technologies placental allograft is processed at the Company’s FDA registered and AATB accredited site in Pompano Beach, Florida.
For more information visit biostemtechnologies.com and follow us on X and LinkedIn.
Note Regarding Forward-Looking Statements:
Except for statements of historical fact, this press release also contains forward-looking statements. These forward-looking statements relate to expectations or forecasts of future events, including with respect to the operations of the Company, strategies, prospects and other aspects of the business of the Company. Forward-looking statements may be identified using words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate”, “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this press release include, among other things, statements regarding the Company’s: ability to clear all current SEC comments; expectations regarding filing an amended Form 10, including the timeframe therefor and the content therein; and expectations regarding the Company’s plan and ability to satisfy Nasdaq listing requirements. Forward-looking statements are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from the expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: the risk that the Company may be unable to list its stock on Nasdaq or maintain compliance with Nasdaq’s continued listing standards; the impact of any changes to the accounting treatment of the Company’s revenue and expenses; the risk of receiving additional comments from the SEC; the competition that the Company faces, which could adversely affect its business, results of operations and financial condition; the risk of rapid technological change, which could cause the Company’s products to become obsolete or cause the Company to become unable to effectively compete; the risk that the Company is unable to successfully market its products to the end users of such products; the risk that the Company may be unable to raise funds to expand its business; changes in applicable laws or regulations; and the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact BioStem Technologies, Inc.:
Phone: 954-380-8342
Website: http://www.biostemtechnologies.com
E-Mail: info@biostemtech.com
X: @BSEM_Tech
Facebook: BioStemTechnologies
Investor Relations:
Adam Holdsworth
E-Mail: adam@biostemtech.com
Phone: 917-497-9287
FAQ
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