Biocept Announces Receipt of Deficiency Notice from Nasdaq Regarding Requirement to Timely Quarterly Report on Form 10-Q
August 22 2022 - 4:15PM
Business Wire
Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular
diagnostic assays, products and services, announces that it
received a notice (the “Notice”) on August 17, 2022 from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
(“Nasdaq”) advising Biocept that it was not in compliance with
Nasdaq’s continued listing requirements under the Nasdaq Listing
Rule 5250(c)(1) (the “Rule”) as a result of its failure to file its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2022
(the “Form 10-Q”) in a timely manner.
The Rule requires listed companies to timely file all required
periodic reports with the Securities and Exchange Commission (the
“SEC”). Biocept previously reported in its Form 12b-25 filed with
the SEC on August 16, 2022 that Biocept was unable to file the Form
10-Q within the prescribed time period as a result of ongoing
accounting review, including the analysis of previously reported
material weaknesses and matters related to the U.S. Health
Resources Services Administration and its funding for reimbursement
of COVID-19 testing services performed by Biocept.
Under Nasdaq rules, Biocept has 60 calendar days from the
receipt of the Notice, or until October 17, 2022, to submit a plan
to regain compliance with the Rule. If Nasdaq accepts Biocept’s
plan, Nasdaq may grant Biocept up to 180 calendar days from the due
date of the Form 10-Q, or until February 13, 2023, to regain
compliance.
In response to the Notice, Biocept intends to file the Form 10-Q
as promptly as possible in order to regain compliance with the
Rule. If Biocept does not submit the Form 10-Q by October 17, 2022,
it intends to timely submit a plan to regain compliance with the
Rule.
About Biocept
Biocept, Inc. develops and commercializes molecular diagnostic
assays that provide physicians with clinically actionable
information for treating and monitoring patients diagnosed with a
variety of cancers. In addition to its broad portfolio of
blood-based liquid biopsy assays, Biocept has developed the CNSide™
cerebrospinal fluid assay that detects cancer that has metastasized
to the central nervous system. Biocept’s patented Target Selector™
technology captures and quantitatively analyzes cerebrospinal fluid
tumor cells for tumor-associated molecular markers, using
technology first developed for use in blood. Biocept also is
leveraging its molecular diagnostic capabilities to offer
nationwide COVID-19 RT-PCR testing to support public health efforts
during this unprecedented pandemic. For more information, visit
www.biocept.com. Follow Biocept on Facebook, LinkedIn and
Twitter.
Forward-Looking Statements Disclaimer
This news release contains forward-looking statements that are
based upon current expectations or beliefs, as well as a number of
assumptions about future events. Although we believe that the
expectations reflected in the forward-looking statements and the
assumptions upon which they are based are reasonable, we can give
no assurance that such expectations and assumptions will prove to
be correct. Forward-looking statements are generally identifiable
by the use of words like "expect," “may,” and "intend" or the
negative of these words or other variations on these words or
comparable terminology. To the extent that statements in this news
release are not strictly historical, including, without limitation,
statements relating to the filing of the Form 10-Q, the potential
for Nasdaq to grant us an extension to file the Form 10-Q and our
ability to regain compliance with the Nasdaq continued listing
standards, such statements are forward-looking, and are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The reader is cautioned not to put
undue reliance on these forward-looking statements, as these
statements are subject to numerous risks and uncertainties,
including, but not limited to, risks and uncertainties related to:
the ongoing accounting review of our financial statements; the
previously reported material weaknesses in our internal control
over financial reporting and the potential for new material
weaknesses; the recent appointment of our independent registered
public accounting firm, RSM US LLP (“RSM”), including risks related
to the fact that RSM did not audit or review any of our historical
financial statements; resource constraints; and other factors that
may impact our ability to file the Form 10-Q and our ability to
regain compliance with the Rule. These and other risks and
uncertainties faced by us are described in our filings with the
SEC, including under the “Risk Factors” heading of our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2022, as filed
with the SEC on May 23, 2022. The effects of such risks and
uncertainties could cause actual results to differ materially from
the forward-looking statements contained in this news release. We
do not plan to update any such forward-looking statements and
expressly disclaim any duty to update the information contained in
this press release except as required by law. Readers are advised
to review our filings with the SEC at http://www.sec.gov/.
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version on businesswire.com: https://www.businesswire.com/news/home/20220822005641/en/
Investor and Media Contact: Jody Cain, LHA Investor
Relations Jcain@lhai.com, 310-691-7100
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