Genetic Technologies Regains Compliance with Nasdaq Stockholders Equity Requirement
September 01 2020 - 4:45PM
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the
“Company”), a leader in the development of genetic risk assessment
tests, is pleased to announce that it received notification from
the Listing Qualifications Department of the Nasdaq
Stock Market indicating that the Company has met the minimum
stockholders equity requirement set forth in Listing Rule
5550(b)(1).
Nasdaq has determined that the Company complies
with Listing Rule 5550(b)(1), which requires a stockholders’ equity
of $2.5 million. Since April 2020, Genetic Technologies has raised
an aggregate of $16.37 million through offerings of its American
Depositary Shares, and as a result, as of August 28, 2020, it has
US GAAP stockholders’ equity in excess of $2.5 million.
Accordingly, the Company's American Depositary
Shares will continue to be listed on The Nasdaq Capital Market and
Nasdaq considers the matter closed.
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 has capacity for Covid-19
testing and is developing a pipeline of risk assessment
products.
For more information, please
visit www.gtglabs.com.
Forward-Looking Statements
This press release may contain forward-looking
statements about the Company’s expectations, beliefs or intentions
regarding, among other things, statements regarding the offering,
the expected gross proceeds and the expected closing of the
offering. In addition, from time to time, the Company or its
representatives have made or may make forward-looking statements,
orally or in writing. Forward-looking statements can be identified
by the use of forward-looking words such as “believe,” “expect,”
“intend,” “plan,” “may,” “should” or “anticipate” or their
negatives or other variations of these words or other comparable
words or by the fact that these statements do not relate strictly
to historical or current matters. These forward-looking statements
may be included in, but are not limited to, various filings made by
the Company with the U.S. Securities and Exchange Commission, press
releases or oral statements made by or with the approval of one of
the Company’s authorized executive officers. Forward-looking
statements relate to anticipated or expected events, activities,
trends or results as of the date they are made. Because
forward-looking statements relate to matters that have not yet
occurred, these statements are inherently subject to risks and
uncertainties that could cause the Company’s actual results to
differ materially from any future results expressed or implied by
the forward-looking statements. Many factors could cause the
Company’s actual activities or results to differ materially from
the activities and results anticipated in such forward-looking
statements as detailed in the Company’s filings with the Securities
and Exchange Commission and in its periodic filings in Australia
and the risks and risk factors included therein. In addition, the
Company operates in an industry sector where securities values are
highly volatile and may be influenced by economic and other factors
beyond its control. The Company does not undertake any
obligation to publicly update these forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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
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