Genetic Technologies Limited Announces Receipt of Delisting Notification Letter from Nasdaq
March 13 2020 - 08:15PM
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the
“Company”), a leader in the development of genetic risk
assessment tests, today announced that after the close of the ASX
market on March 13, 2020, it received a determination letter
(the “Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”)
indicating that it did not comply with the Listing Rule
5550(b) (the “Equity Rule”) for continued listing on the Nasdaq
Capital Market, which requires the Company to have a minimum of
$2,500,000 in stockholders’ equity or market value of listed
securities of $35 million or net income from continuing operations
of $500,000 in the most recently completed fiscal year or two of
the last three most recently completed fiscal years.
The Letter indicates that Listing Rule
5815(d)(4)(B) does not permit an issuer that is deficient in
stockholders’ equity to present a plan of compliance to the Nasdaq
Staff if such issuer has failed to comply with that provision
within one year of a Hearing Panel (the “Panel”) determination of
compliance. On November 6, 2019, the Company received a letter
from Nasdaq notifying the Company that it had regained compliance
with the Equity Rule (the “Compliance Letter”).
The Letter states that since the Company
is out of compliance with the Equity Rule within one
year of the Compliance Letter, the Staff cannot allow the
Company to submit a plan of compliance. As a result, unless the
Company requests an appeal of the Staff’s determination by
requesting a hearing before a Panel before 4:00 p.m. Eastern Time
on March 20, 2020, trading of Company’s ordinary shares will be
suspended at the opening of business on March 24, 2020, and a Form
25-NSE will be filed with the Securities and Exchange Commission
which will remove the Company’s securities from listing and
registration on The Nasdaq Stock Market.
The Company intends to request an appeal hearing
with the Panel by March 20, 2020, to review the delisting
determination. Upon Nasdaq’s receipt of a timely hearing request by
the Company, it will ‘stay’ the suspension of the Company’s
securities and the filing of the Form 25-NSE pending the Panel’s
decision.
There can be no assurance that the Panel will
grant the Company’s request for continued listing, or that the
Company will meet the Equity Rule during any compliance period or
in the future, or otherwise meet Nasdaq compliance standards, or
that Nasdaq will grant the Company any relief from delisting as
necessary, or that the Company will be able to ultimately meet
applicable Nasdaq requirements for any such relief.
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 products
GeneType for Breast Cancer for non-hereditary breast cancer and
GeneType for Colorectal Cancer are clinically validated risk
assessment tests and are first in class.
Genetic Technologies is developing a pipeline of risk assessment
products.
For more information, please visit www.gtglabs.com.
Investor Relations and Media (US) Dave Gentry, CEO RedChip
Companies Office: 1 800 RED CHIP (733 2447) Cell: US 407 491 4498
dave@redchip.com
Caution Regarding Forward-Looking
Statements
This press release contains “forward-looking
statements.” Words such as “may,” “should,” “could,” “would,”
“predicts,” “potential,” “continue,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” and similar
expressions, as well as statements in future tense, often signify
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and may not
be accurate indications of when such performance or results will be
achieved. Forward-looking statements are based on information that
the Company has when those statements are made or management’s good
faith belief as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. The Company assumes
no obligation to publicly update or revise its forward-looking
statements as a result of new information, future events or
otherwise.
Genetic Technologies (NASDAQ:GENE)
Historical Stock Chart
From Feb 2024 to Mar 2024
Genetic Technologies (NASDAQ:GENE)
Historical Stock Chart
From Mar 2023 to Mar 2024