Genetic Technologies Receives Nasdaq Notification Letter
May 03 2019 - 8:45AM
Molecular diagnostics company Genetic Technologies Limited (ASX:
GTG; NASDAQ: GENE) announces that it has received a letter from the
Nasdaq Stock Market April 29, 2019, advising that the Company’s
reported stockholders’ equity is less than the minimum specified
amount of US$2,500,000 as at December 31, 2018, and that Nasdaq
believes the Company does not meet the alternatives of market value
of listed securities or net income from continuing operations and
as such no longer complies with a Nasdaq Marketplace Listing Rule
(“Listing Rule”, or “Rules”).
Under the Rules, the Company has 45 calendar days to submit a
plan to regain compliance and if the Plan is accepted, Nasdaq can
grant an extension of up to 180 days from April 29, 2019, to
evidence compliance.
The Company confirms it will be submitting the required Plan to
Nasdaq within this timetable.
This deficiency notice does not immediately affect GTG’s Nasdaq
listing.
These Rules only apply to the Company’s shares trading on The
Nasdaq Capital Market and not the Company’s shares trading on the
Australian Securities Exchange, the Company’s home exchange.
FOR FURTHER INFORMATION PLEASE CONTACT
Paul VineyCompany SecretaryGenetic Technologies Limited+ 61
438072616
About Genetic Technologies Limited
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a
diversified molecular diagnostics company. GTG offers cancer
predictive testing and assessment tools to help physicians
proactively manage patient health. The Company’s lead product,
BREVAGenplus®, is a clinically validated risk assessment test for
non-hereditary breast cancer and is first in its class. For more
information, please visit www.brevagenplus.com and
www.phenogensciences.com.
Genetic Technologies is developing a pipeline of risk assessment
products including a novel colorectal cancer (CRC) test. For more
information, please visit www.gtgcorporate.com
Safe Harbor Statement
Any statements in this press release that relate to the
Company's expectations are forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act. The
Private Securities Litigation Reform Act of 1995 (PSLRA)
implemented several significant substantive changes affecting
certain cases brought under the federal securities laws, including
changes related to pleading, discovery, liability, class
representation and awards fees. Since this information may involve
risks and uncertainties and are subject to change at any time, the
Company's actual results may differ materially from expected
results. Additional risks associated with Genetic Technologies'
business can be found in its periodic filings with the SEC.
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