NEW YORK – Biocept said today that it received a notice from Nasdaq last week that it has failed to comply with a minimum bid price rule, which requires that companies listed on the Nasdaq Capital Market maintain a minimum closing bid price of at least $1.00 per share. As a result, it could face delisting action.
The firm has a 180 calendar-day grace period to regain compliance, by maintaining a minimum closing bid price for its stock of at least $1.00 per share for a minimum of 10 consecutive business days during the 180-calendar-day grace period.
In a document filed with the US Securities and Exchange Commission, Biocept said it is monitoring the bid price of its common stock and will consider options available to it to potentially achieve compliance.
In mid-day trading on the Nasdaq, Biocept's shares were down 5 percent at $0.77.