The company had been warned in March that it failed to meet a listing requirement calling for a minimum $1 per share closing price of its common stock.
The offering was a follow-on to a capital raise during the summer that brought in $6 million. The company's CEO said the additional financing was needed to execute on its business plan.
More than 90 percent of voting Transgenomic shareholders gave the go-ahead to the deal. Upon completion of the merger, the new firm will take on the Precipio name.