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 that on March 24, 2022, it received a Staff
determination letter (the “Letter”) from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the
Company of the Staff’s determination to delist the Company’s
securities from The Nasdaq Global Market due to its failure to
regain compliance with the minimum $50,000,000 Market Value of
Listed Securities required for continued listing as set forth in
Listing Rule 5450(b)(2)(A) (the “ MVLS”), following the 180
calendar day compliance period. The Letter also indicates that the
Company has not met the Nasdaq’s minimum standard requirements of
$10,000,000 in stockholders’ equity, $50,000,000 in total assets
and $50,000,000 in total revenue. Pursuant to the Letter, unless
the Company requests an appeal of the Letter, trading of the
Company’s American Depositary Shares will be suspended at the
opening of business on April 4, 2022, and Form 25-NSE will be filed
with the Securities and Exchange Commission (the “SEC”), which will
remove the Company’s securities from listing and registration on
the Nasdaq Stock Market. The Company may also apply to list its
securities on The Nasdaq Capital Market if it satisfies the
requirements for continued listing on that market. The Company is
applying to transfer to The Nasdaq Capital Market and will appeal
the Letter to seek additional time to meet the requirements to
transfer.
As previously reported, on September 24, 2021, the Company
received a written notification from Nasdaq indicating that the
Company no longer meets the continued listing requirement of MVLS
for 30 consecutive business days preceding September 24, 2021. The
Company was provided 180 calendar days, or until March 23, 2022, to
regain compliance with the MVLS requirement. The Company was unable
to regain compliance with the MVLS requirement by March 23, 2022.
As previously reported, the Company has a separate Nasdaq Global
Market deficiency in the requirement that it maintains a minimum
Market Value of Public Held Shares (“MVPHS”) of $15,000,000. The
Company has until July 18, 2022 to regain compliance with the MVPHS
requirement. Also as previously filed, on March 8, 2022, the
Company received a written notification indicating that the minimum
closing bid price per share for its American Depositary Shares was
below $1.00 for a period of 30 consecutive business days preceding
March 8, 2022 and the Company did not meet the minimum bid price
requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the
“Minimum Bid Price Rule”). The Company has until September 5, 2022
to regain compliance with the minimum bid price requirement.
Resolving any of the existing deficiencies will not automatically
resolve any of the other deficiencies. The existence of a second
deficiency prevented the Company from receiving an extension from
the Staff to return to compliance with the MVLS requirement.
Listing on the Nasdaq Capital Market, meeting the stockholder’s
equity and bid price requirements, will allow the Company to remove
deficiencies and continue to be listed.
The Company intends to request a hearing before a Hearings Panel
(the “Panel”). Such a request will allow the Company to continue to
be traded (listed) for a period of the time and the filing of the
Form 25-NSE pending the Panel’s decision; during the period before
the hearing, the Company’s American Depositary Shares will continue
to trade. At the hearing, the Company intends to request a transfer
to the Nasdaq Capital Market, present a plan to achieve compliance
with continued listing requirements of The Nasdaq Capital Market
and request that the Panel allow the Company additional time within
which to regain such compliance. While the Company believes that it
will be able to present a viable plan to regain compliance with
Nasdaq Capital Market requirements, there can be no assurance that
the Panel will grant the Company’s request for a suspension of
delisting or continued listing.
“AnPac Bio is committed to taking the actions
necessary to remain publicly traded on the Nasdaq,” said Dr. Chris
Yu, chairman and CEO of the Company. “We will follow the procedure
in this circumstance and apply for a hearing with the objective of
doing what is required to bring the company into compliance.”
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 RelationsPhone:
+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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