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OpGen Warned by Nasdaq of Non-Compliance

NEW YORK (GenomeWeb) – Nasdaq has notified OpGen that the firm fails to meet another listing requirement and could face delisting action, the company said today.

In a document filed with the US Securities and Exchange Commission, OpGen said it received written notification from Nasdaq on Tuesday that its shares failed to maintain a minimum bid price of $1 per share for at least 30 consecutive trading days. The exchange has given OpGen 180 calendar days, until Dec. 18, to regain compliance. In order to do so, the firm's shares must have a closing bid price of at least $1 per share for at least 10 consecutive trading days.

If OpGen fails to regain compliance by Dec. 18, Nasdaq may extend the compliance deadline by another 180 days if the firm complies with all other listing requirements and provides written notice that it will effect a reverse stock split in order to meet the $1 bid price listing requirement.

OpGen said it intends to assess "various courses of action" to regain compliance.

This most current notice follows notification from Nasdaq to the firm in May warning it that it was in non-compliance with a listing rule requiring a minimum of $2.5 million in stockholders' equity.

In later afternoon trading on Thursday, OpGen's shares were up about 11 percent to $.73.