AnPac Bio Receives NASDAQ Notification Regarding Minimum Market Value of Publicly Held Shares Deficiency
January 24 2022 - 05:00PM
AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or
“we”) (NASDAQ: ANPC), a biotechnology company with operations in
the United States and China, announced today that it has received a
written notification (the "Notification Letter") from the Nasdaq
Stock Market LLC (“Nasdaq”) dated January 19, 2022 indicating that
the Company is not in compliance with the minimum Market Value of
Publicly Held Shares (“MVPHS”) set forth in the Nasdaq Rules for
continued listing on the Nasdaq Global Market. Nasdaq Listing Rule
5450(b)(2)(C) requires companies to maintain a minimum MVPHS of
US$15 million, and Listing Rule 5810(c)(3)(D) provides that a
failure to meet the MVPHS requirement exists if the deficiency
continues for a period of 30 consecutive business days. Based on
the MVPHS of the Company for the 30 consecutive business days from
December 3, 2021 to January 18, 2022, the Company no longer meets
the MVPHS minimum requirement. This notification does not impact
the listing and trading of the Company’s securities at this time.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(D),
the Company has a compliance period of 180 calendar days (or until
July 18, 2022) to regain compliance. If at any time during this
compliance period the Company’s MVPHS closes at US$15 million or
more for a minimum of ten consecutive business days, Nasdaq will
notify the Company that it has achieved compliance with the MVPHS
requirement, and the MVPHS matter will be closed.
In the event the Company does not regain
compliance with Rule 5450(b)(2)(C) prior to the expiration of the
compliance period, it will receive written notification that its
securities are subject to delisting. Alternatively, the Company may
consider applying to transfer its securities to the Nasdaq Capital
Market.
As previously announced, the Company also has a
separate Nasdaq Global Market deficiency in the requirement that it
maintain a minimum Market Value of Listed Securities (“MVLS”) of
US$50 million. The Company has until March 23, 2022 to regain
compliance with the MVLS requirement. Resolving the MVPHS
deficiency will not automatically resolve the MVLS deficiency and
vice versa. In addition, although the Company may be eligible for a
further extension of up to 180 calendar days to return to
compliance with continued listing requirements, such extensions are
contingent on the absence of any other deficiencies. As with the
MFPHS deficiency, the Company may consider applying to transfer its
securities to Nasdaq Capital Market to address the MVLS
deficiency.
The Company's business operations are not
affected by the receipt of the Notification Letter. The Company
intends to monitor its market value between now and July 18,
2022.
About AnPac Bio
AnPac Bio is a biotechnology company focused on
early cancer screening and detection, with 150 issued patents as of
September 30, 2021. With two certified clinical laboratories in
China and one CLIA and CAP accredited clinical laboratory in the
United States, AnPac Bio performs a suite of cancer screening and
detection tests, including CDA (Cancer Differentiation Analysis),
bio-chemical, immunological, and genomics tests. According to Frost
& Sullivan, AnPac Bio ranked third worldwide among companies
offering next-generation early cancer screening and detection
technologies in terms of the number of clinical samples for cancer
screening and detection, based on approximately 43,980 clinical
samples as of September 30, 2021. AnPac Bio’s CDA technology
platform has been shown in retrospective validation studies to be
able to detect the risk of over 20 different cancer types with high
sensitivity and specificity.
For more information, please visit:
https://www.Anpacbio.com.
For investor and media inquiries, please
contact: Company:Phil Case, Marketing and Investor
RelationsPhone: +1-267-810-6776
(US)Email: phil_case@AnPacbio.com
Safe Harbor Statement
This announcement contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements are made under the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995
and are relating to the Company's future financial and operating
performance. The Company has attempted to identify forward-looking
statements by terminologies including "believes," "estimates,"
"anticipates," "expects," "plans," "projects," "intends,"
"potential," “target,” “aim,” “predict,” “outlook,” “seek,” “goal”
“objective,” “assume,” “contemplate,” “continue,” “positioned,”
“forecast,” “likely,” "may," "could," "might," "will," "should,"
"approximately" or other words that convey uncertainty of future
events or outcomes to identify these forward-looking statements.
These statements are based on current expectations, assumptions and
uncertainties involving judgments about, among other things, future
economic, competitive and market conditions and future business
decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond the Company's control.
These statements also involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results to be materially different from those expressed or implied
by any forward-looking statement. Known and unknown risks,
uncertainties and other factors include, but are not limited to,
the implementation of our business model and growth strategies;
trends and competition in the cancer screening and detection
market; our expectations regarding demand for and market acceptance
of our cancer screening and detection tests and our ability to
expand our customer base; our ability to obtain and maintain
intellectual property protections for our CDA technology and our
continued research and development to keep pace with technology
developments; our ability to obtain and maintain regulatory
approvals and registration certificates from the NMPA, the FDA and
the relevant U.S. states and have our laboratories certified or
accredited by authorities including the CLIA; our future business
development, financial condition and results of operations and our
ability to obtain financing cost-effectively; potential changes of
government regulations; general economic and business conditions in
China and elsewhere; our ability to hire and maintain key
personnel; our relationship with our major business partners and
customers; and the duration of the coronavirus outbreaks and their
potential adverse impact on the economic conditions and financial
markets and our business and financial performance, such as
resulting from reduced commercial activities due to quarantines and
travel restrictions instituted by China, the U.S. and many other
countries around the world to contain the spread of the virus.
Additionally, all forward-looking statements are subject to the
“Risk Factors” detailed from time to time in the Company's most
recent Annual Report on Form 20-F and other filings with the U.S.
Securities and Exchange Commission. Because of these and other
risks, uncertainties and assumptions, undue reliance should not be
placed on these forward-looking statements. In addition, these
statements speak only as of the date of this press release and,
except as may be required by law, the Company undertakes no
obligation to revise or update publicly any forward-looking
statements for any reason.
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