AnPac Bio-Medical Sciences Announces Receipt of NASDAQ Deficiency Notice Regarding Minimum Bid Price Requirement
March 11 2022 - 4:30PM
AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or
“we”) (ANPC), a biotechnology company with operations in the United
States and China focused on early cancer screening and detection,
announced today that on March 8, 2022, it received a written
notice (the "Notice") from the Listing Qualifications Department of
The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company
is not in compliance with the minimum bid price requirement
of US$1.00 per share under the Nasdaq Listing Rules (the
"Listing Rules"). Based on the closing bid price of the Company's
listed securities for the last 30 consecutive business days
from January 24, 2022 to March 7, 2022, the Company
has failed to meet the minimum bid price requirement set forth in
Listing Rule 5450(a)(1) during that period. The Notice is only a
notification of deficiency. It is not a notice of imminent
delisting, and it has no current immediate effect on the listing or
trading of the Company's securities on the Nasdaq Capital Market.
The Notice states that under Listing Rule
5810(c)(3)(A) the Company is provided with a period of 180 calendar
days, or September 5, 2022, to regain compliance with the Listing
Rules. To regain compliance with the Listing Rules, the Company's
listed securities price must be at least US$1.00 for a minimum of
ten consecutive business days. In the event the Company does not
regain compliance by September 5, 2022, the Company may be eligible
for additional time to regain compliance or may face delisting.
As previously announced, the Company 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. Also as previously announced,
the Company has a separate Nasdaq Global Market deficiency in the
requirement that it maintain a minimum Market Value of Public Held
Shares (“MVPHS”) of US$15 million. The Company has until July 18,
2022 to regain compliance with the MVPHS requirement. Resolving any
of the minimum bid price deficiency, MVPHS deficiency and MVLS
deficiency will not resolve any of the other deficiencies. 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.
The Company intends to continue to monitor
the closing bid price of its ordinary shares between now
and September 5, 2022, and to evaluate its available options
to regain compliance within the compliance period. The Company
fully intends to resolve the deficiency and regain compliance with
the Listing Rules.
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 a report by
Frost & Sullivan, AnPac Bio ranked first globally in
multi-cancer screening and detection test sample volume
(accumulative to January 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 Relations
Phone: +1-267-810-6776 (US)
Email: phil_case@AnPacbio.com
Investor Relations:
Ascent Investor Relations LLCTina Xiao, PresidentPhone:
+1-917-609-0333
(US)Email: tina.xiao@ascent-ir.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,
our ability to comply with Nasdaq Listing Rules, 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 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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