iBio, Inc. Reports on NYSE American Noncompliance Notice and Compliance Plan
October 22 2019 - 4:30PM
IBIO, INC. (NYSE AMERICAN: IBIO) (“IBIO” OR THE
“COMPANY”) announced today that on October 16, 2019, the
Company received notice from NYSE American (the “Exchange”) that
the Company currently is below the Exchange’s continued listing
standards set forth in Section 1003(a)(ii) of the NYSE American
Company Guide, which applies if a listed company has stockholders’
equity of less than $4,000,000 and has reported losses from
continuing operations and/or net losses in three of its four most
recent fiscal years, and Section 1003(a)(iii) of the NYSE
American Company Guide, which applies if a listed company has
stockholders’ equity of less than $6,000,000 and has reported
losses from continuing operations and/or net losses in its five
most recent fiscal years. The Exchange indicated that a review of
the Company shows that the Company is below compliance with Section
1003(a)(ii) and Section 1003(a)(iii) since it reported
stockholders’ equity of $2.46 million as of June 30, 2019 and net
losses in its five most recent fiscal years ended June 30, 2019.
The Company must submit a plan of compliance to
the Exchange by November 15, 2019 advising of actions that it has
taken or will take to regain compliance with the Exchange’s
continued listing standards by October 16, 2020. If the Company
does not submit a plan of compliance, or if the plan is not
accepted by the Exchange, the Company will be subject to delisting
procedures as set forth in Section 1010 and Part 12 of the NYSE
American Company Guide. If the plan is accepted by the
Exchange, the Company will be subject to periodic reviews including
quarterly monitoring for compliance with the plan.
The Company is working to provide the Exchange
with a satisfactory plan by November 15, 2019, to show that it will
be able to return to compliance with Section 1003(a)(ii) and
Section 1003(a)(iii) of the NYSE American Company Guide by October
16, 2020.
About iBio, Inc.
iBio is a global leader in plant-based
biopharmaceutical contract development and cGMP manufacturing
services. Our wholly-owned subsidiary, iBio CDMO LLC, uses
the FastPharming™ System – which combines plant
protein expression, automated hydroponics, and glycan engineering
technologies – to rapidly deliver gram quantities of high-quality
biologics for research or further manufacturing uses from its
120,000 square foot facility in Bryan, Texas. In addition to
contract manufacturing, iBio also offers process development,
bioanalytical, and fill-finish services, along with Factory
Solutions for the design and build of facilities for plant-made
monoclonal antibodies, vaccines, bioinks and more. iBio also uses
its advanced manufacturing capabilities in the development of its
own therapeutic pipeline, including its lead asset, IBIO-100 for
the treatment of fibrotic diseases. For more information, visit
www.ibioinc.com.
FORWARD-LOOKING STATEMENTS
STATEMENTS INCLUDED IN THIS NEWS RELEASE RELATED
TO IBIO, INC. MAY CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
SUCH STATEMENTS INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES SUCH AS
COMPETITIVE FACTORS, TECHNOLOGICAL DEVELOPMENT, MARKET DEMAND, AND
THE COMPANY'S ABILITY TO OBTAIN NEW CONTRACTS AND ACCURATELY
ESTIMATE NET REVENUES DUE TO VARIABILITY IN SIZE, SCOPE, AND
DURATION OF PROJECTS. FURTHER INFORMATION ON POTENTIAL RISK FACTORS
THAT COULD AFFECT THE COMPANY'S FINANCIAL RESULTS CAN BE FOUND IN
THE COMPANY'S REPORTS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.
Contact:
Stephen KilmerInvestor Relations(646) 274-3580
skilmer@ibioinc.com
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