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HTG Molecular Appeals Delisting Determination by Nasdaq

NEW YORK (GenomeWeb) – HTG Molecular Diagnostics has appealed a delisting determination by Nasdaq after the company's shares failed to regain compliance with a listing requirement, the firm said in a document filed with the US Securities and Exchange Commission after the close of the market on Tuesday.

The company had been warned in August 2016 by Nasdaq that it failed to comply with a minimum $10 million stockholder equity requirement to remain listed on the exchange. HTG Molecular was given an extension until Feb. 13 to regain compliance.

On Feb. 14, HTG Molecular received a letter from the Nasdaq staff telling it that it had not achieved compliance and trading in the firm's shares would be suspended at the opening of business on Feb. 23. The shares would also be removed from the Nasdaq.

On Tuesday, the company appealed the proposed delisting action to the Nasdaq Hearings Panel, delaying any delisting action. As a result, HTG Molecular's shares will remain on the Nasdaq Global Market until the panel reaches a decision, it said.

HTG's shares fell 4 percent on Tuesday and closed at $1.79.