NEW YORK – AnPac Bio-Medical Science announced on Monday that it has received a notification from Nasdaq that the firm is not in compliance with the exchange's minimum market value of publicly held shares, or MVPHS.
According to Nasdaq's listing requirements, companies must maintain a minimum MVPHS of $15 million to stay listed. AnPac Bio's MVPHS failed to meet the requirement for 30 consecutive business days putting the firm in noncompliance with the rule. It now has until July 18 to regain compliance, according to a letter sent by Nasdaq dated Jan. 19.
If the firm's MVPHS closes at $15 million or more for a minimum of 10 consecutive business days, the company will achieve compliance. If it does not, it will be subject to delisting or it can consider applying to transfer its securities to the Nasdaq Capital Market, which has less stringent listing requirements than the Nasdaq Global market, on which AnPac Bio's shares are currently listed.
The Shanghai-based company also has a separate listing deficiency as it has not maintained the minimum market value of listed securities of $50 million. AnPac Bio has until March 23 to regain compliance with that requirement, it said.
In November, AnPac Bio priced an underwritten public offering of 1,301,928 American Depositary Shares at $2.22, raising approximately $2.9 million.