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The test from Singapore-based Credo requires minimal training to run and can detect pathogens in 20 minutes, with about one minute of hands-on time.
The company will not be allowed to submit another plan for meeting the Nasdaq's listing requirements.
The firms have entered into a strategic partnership to integrate their respective amplicon-based target enrichment technologies for use in NGS testing.
As part of the placement, the Singapore-based firm has issued almost 17.9 million new ordinary shares at an issue price of $.175 per share.
The firm will be validating the test with collaborators in China, and plans to pursue Emergency Use Authorization both in China and the US.
Fulgent and its China-based joint venture are working on a clinical NGS-based test that it says will have better sensitivity than RT-PCR-based kits.
Researchers from China identified SARS-CoV-2 in lung, feces, and other clinical specimens from individuals with COVID-19, though the virus did not turn up in urine samples.
The immunoassay designed for the rapid, qualitative, and differential detection of SARS-CoV-2 IgG and IgM antibodies in blood, serum, or plasma.
The firm said it saw "significant deterioration" in February due to "ongoing and protracted" disruptions resulting from the novel coronavirus and an extended Lunar New Year holiday.
The kit is designed to detect the RdRP gene, E gene, and N gene of the virus and runs on all major thermocyclers.