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Keystone Dental Reports Third Quarter 2023 Financial Results and Provides a Corporate Update

Retrieved on: 
Tuesday, November 28, 2023
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IRVINE, Calif., Nov. 28, 2023 (GLOBE NEWSWIRE) -- Keystone Dental Holdings (“Keystone Dental” or the “Company”), a pioneer in dental implant technology, announced today financial results and provided a corporate update for the third quarter and nine months ended September 30, 2023.

Key Points: 
  • Q3 revenue increased 18.9% year-over-year to $16.8M, including $11.9M from the U.S.
    Check-Cap shareholders to vote on proposed Business Combination Agreement with Keystone Dental at Annual General Meeting on Monday, December 18th, 2023
    IRVINE, Calif., Nov. 28, 2023 (GLOBE NEWSWIRE) -- Keystone Dental Holdings (“Keystone Dental” or the “Company”), a pioneer in dental implant technology, announced today financial results and provided a corporate update for the third quarter and nine months ended September 30, 2023.
  • Sustained Revenue Growth – Total third quarter 2023 revenue increased 18.9% to $16.8 million compared to the same period in 2022, which was driven by increased sales of dental implants and Osteon product groups.
  • Revenue generated in the U.S. totaled $11.9 million in the third quarter of 2023 and $35.9 million for the nine months ended September 30, 2023.
  • In August 2023, Keystone Dental and Check-Cap announced entering into a definitive Business Combination Agreement (the "Business Combination Agreement") under which the stockholders of Keystone Dental will become the majority holders of the combined company.

Notice of Extraordinary General Meeting of Shareholders

Retrieved on: 
Tuesday, October 31, 2023
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Only shareholders of record at the close of business on November 6, 2023, are entitled to notice of and to vote at the Meeting or at any adjournment thereof.

Key Points: 
  • Only shareholders of record at the close of business on November 6, 2023, are entitled to notice of and to vote at the Meeting or at any adjournment thereof.
  • On October 30, 2023, Symetryx publicly filed a notice attempting to convene an extraordinary general meeting of shareholders of the Company for Monday, December 4, 2023, at 4:00pm, Israel time, for the replacement of Check-Cap’s Board, pursuant to Section 64 of the Companies Law.
  • We believe that under such circumstances, it is evident that the Company (and its shareholders) will not be harmed by including both matters on the agenda of a single extraordinary general meeting of shareholders; therefore, there is no need or justification for compelling the Check-Cap Board to convene an additional, separate extraordinary general meeting of shareholders specifically for director elections, within a matter of a few days or weeks prior to the date of the extraordinary general meeting that will be convened for the approval of the Keystone transaction, with all the associated costs.
  • At least two shareholders present, in person or by proxy, will constitute a quorum at the adjourned meeting.