NEW YORK — Cancer diagnostics firm AnPac Bio-Medical Science said Monday it has received a letter from Nasdaq saying it plans to delist the company's stock.
The letter follows a warning from Nasdaq in early March to AnPac that the firm was not in compliance with a listing requirement of a minimum $1 bid price on the company's stock. The firm had 180 days, until Sept. 5, to regain compliance, which AnPac did not.
In Nasdaq's delisting letter, dated Sept. 9, the exchange said that AnPac's stock would be suspended at the opening of business on Sept. 20 unless the company appeals the decision. The company said it plans to do so.
AnPac faces possible delisting action by Nasdaq for failing to meet other listing requirements. In January, the company received notice that it was not in compliance with a requirement to maintain a minimum market value of publicly held shares of $15 million for at least 10 consecutive business days.
And near the end of March, the Nasdaq notified AnPac of the firm's imminent delisting from the exchange because the company had, during the prior six months, failed to meet the listing requirement of having a minimum $50 million market value of listed securities. The company also had not met minimum standard requirements of $10 million in stockholders' equity, $50 million in total assets, and $50 million in total revenue.
Nasdaq officials determined this month that AnPac has not regained compliance with the $1 per share rule, AnPac said. The company also was ineligible for another 180 days to regain compliance because it had not demonstrated compliance with the Nasdaq's minimum $5 million shareholders' equity initial listing requirement, which applies to AnPac because it transferred from the Nasdaq Global Market to the Nasdaq Capital Market on May 6.