NEW YORK – Burning Rock Biotech said Monday that it received notice from the Nasdaq on May 30 that the company had regained compliance with the exchange's minimum bid price requirement of $1.00 per share by changing the ratio of the firm's American Depositary Shares to ordinary shares.
Burning rock received notice in December 2023 that the closing bid price of its American Depositary Shares had fallen short of the minimum for the prior 30 consecutive business days. The firm said Monday that it had regained compliance through a change effective May 15 that made each ADS represent 10 Class A ordinary shares compared to a previous value of one ADS per Class A ordinary share.
Burning Rock said it received notice from the Nasdaq's Listing Qualifications Department that the firm had regained compliance by maintaining a minimum closing bid price of $1.00 per share for at least 10 consecutive business days.
Burning Rock also announced late last month that it had inked a partnership with Bayer to develop next-generation sequencing-based companion diagnostic tests for precision cancer therapies for patients in China.