NEW YORK – Co-Diagnostics said last week that it has been notified by Nasdaq that it failed to meet a listing requirement and may face delisting action.
In a document filed with the US Securities and Exchange Commission, the Salt Lake City-based diagnostics firm said that it received a letter on July 2 from Nasdaq informing it that its stock had closed below the minimum $1 per share requirement for 30 consecutive days. Co-Diagnostics has 180 calendar days, or until Dec. 30, to regain compliance by having its stock close at $1 or more per share for 10 consecutive days.
If it fails to regain compliance before Dec. 30, Co-Diagnostics may be eligible for an additional 180 calendar-day compliance period by meeting other continued listing requirements, with the exception of the minimum bid requirement, as well as providing written notice of its intention to "cure the deficiency" during the second 180-day compliance period.
Nasdaq may notify the company of possible delisting action, however, if it determines that Co-Diagnostics will not be able to regain compliance. The company would be able to appeal such a decision.
"The company intends to monitor the bid price of its common stock and its minimum market value of listed securities and will consider options available to it to achieve compliance," Co-Diagnostics said in its SEC document.
In mid-afternoon trading on Monday, Co-Diagnostics' shares were up more than 1 percent at $.84.