Precipio Granted 180-day Extension From NASDAQ To Regain Compliance
April 27 2023 - 5:00PM
Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO),
announces notification by the NASDAQ Stock Market that the Company
has been granted a 180-day extension to allow the Company to meet
the required minimum $1.00 per share closing bid price of its
common stock for 10 consecutive business days for continued
inclusion on the Nasdaq Capital Market Exchange.
Following its review process, Nasdaq determined
Precipio is eligible for an extension of an additional 180 calendar
days to allow it to regain compliance with the minimum share price
requirement. Assuming that during this extension period, the
closing bid price of the Company’s common stock meets the
requirements of above $1.00 for the required minimum 10 consecutive
business days, and provided that the Company meets all the other
listing requirements, Nasdaq will provide the Company with written
confirmation that it is compliant with its listing
requirements.
As preliminary results of Q1-2023 have
demonstrated, Precipio is well on its way to achieving its revenue
and profitability targets for the year. We believe that as a
biotech with proprietary technologies serving a multi-billion
dollar diagnostic market, distribution channels with the world’s
leading players, we have the necessary ingredients to demonstrate
significant shareholder value.
We expect that advancing towards profitability
at a circa $22M run rate should translate, even at conservative
revenue multiples of 2-3x, to a market cap well over $50M; given
the current number of shares outstanding, this would equate to a
share price above $1.00. Management is optimistic that the nearing
results will translate into a share price appreciation that will
clear the $1.00 minimum bid Nasdaq requirement and that thereby
compliance will be regained.
“We continue to make progress on our commercial
goals as the entire company is focused on growing our customers and
revenue to achieve these revenue and subsequent valuation goals,”
said Ilan Danieli, CEO. “In looking at our pipeline we have never
been in a better position to reach and even exceed these goals, and
I am confident we will get there well within the 180 day
timeline.”
About Precipio
Precipio has built a platform designed to
eradicate the problem of misdiagnosis by harnessing the intellect,
expertise and technology developed within academic institutions and
delivering quality diagnostic information to physicians and their
patients worldwide, as well as proprietary products that serve
laboratories worldwide. Through its collaborations with world-class
academic institutions specializing in cancer research, diagnostics
and treatment, Precipio offers a new standard of diagnostic
accuracy enabling the highest level of patient care. For more
information, please visit www.precipiodx.com.
Please follow us on LinkedIn, Twitter
@PrecipioDx and on Facebook.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, including, among others, statements related to
the expected or potential impact of the novel coronavirus
(COVID-19) pandemic, and the related responses of the government,
consumers, and the company, on our business, financial condition
and results of operations, and any such forward-looking statements,
whether concerning the COVID-19 pandemic or otherwise, involve
risks, assumptions and uncertainties. Except for historical
information, statements about future volumes, sales, growth, costs,
cost savings, margins, earnings, earnings per share, diluted
earnings per share, cash flows, plans, objectives, expectations,
growth or profitability are forward-looking statements based on
management’s estimates, beliefs, assumptions and projections. Words
such as “could,” “may,” “expects,” “anticipates,” “will,”
“targets,” “goals,” “projects,” “intends,” “plans,” “believes,”
“seeks,” “estimates,” “predicts,” and variations on such words, and
similar expressions that reflect our current views with respect to
future events and operational, economic and financial performance,
are intended to identify such forward-looking statements. These
forward-looking statements are only predictions, subject to risks
and uncertainties, and actual results could differ materially from
those discussed. Important factors that could affect performance
and cause results to differ materially from management’s
expectations, or could affect the company’s ability to achieve its
strategic goals, includes factors that are described in the
sections entitled “Risk Factors” and “Management’s Discussion and
Analysis” in the company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, as updated from time to time
in the company’s Securities and Exchange Commission filings.
The company’s forward-looking statements in this
press release are based on management’s current views, beliefs,
assumptions and expectations regarding future events and speak only
as of the date of this release. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by the federal securities
laws.
Inquiries:
investors@precipiodx.com
+1-203-787-7888 Ext. 523
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