Marrone Bio Innovations Receives Nasdaq Notice Regarding Failure to Satisfy a Continued Listing Rule
November 08 2021 - 7:00AM
Marrone Bio Innovations, Inc. (Nasdaq: MBII) today
announced that it has received a letter from the Listing
Qualifications Department of the Nasdaq Capital Market notifying
the company of its noncompliance with Nasdaq Listing Rule
5550(a)(2) as a result of the company’s closing bid price being
below $1.00 per share for 30 consecutive days.
Under Nasdaq Listing Rules, the company has 180
calendar days from the date of the notification to regain
compliance with Nasdaq Listing Rules. Thus, the company has until
May 4, 2022, to regain compliance. To regain compliance, the
closing bid price of the company’s common stock on the Nasdaq
Capital Market must be at least $1.00 per share for a minimum of 10
consecutive business days prior to the expiration of the compliance
period on May 4, 2022.
This notification has no immediate effect on the
listing of the company’s common stock on the Nasdaq Capital Market
and the company’s common stock will continue to trade on the Nasdaq
Capital Market under the symbol “MBII” during this period.
If the company does not regain compliance by May
4, 2022, the company may be eligible for a second 180 day
compliance period, provided that, on such date, the company meets
the continued listing requirement for market value of publicly held
shares and all other applicable initial listing requirements for
the Nasdaq Capital Market (other than the minimum closing bid price
requirement) and the company provides written notice to Nasdaq of
its intention to and plans for curing the deficiency during the
second compliance period.
The company will monitor the closing bid price
for its common stock between now and May 4, 2022, and intends to
take all reasonable measures available to regain compliance under
the Nasdaq Listing Rules and to maintain the listing of its common
stock on the Nasdaq Capital Market.
About Marrone Bio
Innovations
Marrone Bio Innovations Inc. (Nasdaq: MBII) is a
growth-oriented agricultural company leading the movement to
environmentally sustainable farming practices through the
discovery, development and sale of innovative biological products
for crop protection, crop health and crop nutrition. Our portfolio
of 18 products helps customers operate more sustainably while
increasing their return on investment. The company’s commercial
products are sold globally and supported by a robust portfolio of
more than 500 issued and pending patents. Our end markets
include row crops; fruits and vegetables; trees, nuts and vines;
and greenhouse production. Marrone Bio’s research and development
program uses proprietary technologies to isolate and screen
naturally occurring microorganisms and plant extracts to create
new, environmentally sound solutions in agriculture.
Learn more about Marrone Bio Innovations at
www.marronebio.com. We also use our investor relations website,
https://investors.marronebio.com, as well as our corporate Twitter
account, @Marronebio, as means of disclosing material non-public
information, and encourage our investors and others to monitor and
review the information we make public in these locations. Follow us
on social media: Twitter, LinkedIn and Instagram.
Marrone Bio Innovations Forward Looking
Statements
This press release contains forward-looking
statements that involve substantial risks and uncertainties. All
statements, other than statements of historical facts, included in
this press release regarding strategy, future operations and plans,
including assumptions underlying such statements, are
forward-looking statements, and should not be relied upon as
representing MBI’s views as of any subsequent date. Examples of
such statements include statements regarding the Company’s
intention to regain compliance with Nasdaq listing standards and
its continued trading of its common stock on Nasdaq. Such
forward-looking statements are based on information available to
the Company as of the date of this release and involve a number of
risks and uncertainties, some beyond the Company’s control, that
could cause actual results to differ materially from those
anticipated by these forward-looking statements, including the
Company’s operational results, trading volatility, other factors
affecting the Company’s stock price and market value and any
adverse decisions by regulatory agencies. Additional information
that could lead to material changes in the Company’s performance is
contained in its filings with the SEC. The Company is under no
obligation to, and expressly disclaims any responsibility to,
update or alter forward-looking statements contained in this
release, whether as a result of new information, future events or
otherwise.
Marrone Bio Innovations Contact:Clyde
MontevirgenVice President of Business Development & Investor
RelationsTelephone: 530-750-2800info@marronebio.com
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