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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 company, which merged with Transgenomic in 2016, attributed the revenue increase to strong demand for its pathology services.
The suit alleged that Precipio failed to meet the obligations of a securities agreement signed by Transgenomic, which it acquired last year.
The suit alleges that Precipio is required to pay more than $2 million in debt owed by Transgenomic, which it acquired last year.
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.
The company is offering units consisting of preferred stock and warrants to purchase shares of its common stock.
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.
The company will use the funds to complete its merger with Precipio Diagnostics, which is expected to close in the second quarter.
LifeLabs will have a non-exclusive license to the technology and use it in its mutation enrichment platform for cancer testing.