NEW YORK ─ Molecular diagnostic company Genetic Technologies said on Tuesday it received notification from the Nasdaq Stock Market that it now meets a minimum stockholders equity requirement for continued listing of its American Depositary Shares (ADSs) on the Nasdaq.
Melbourne, Australia-based Genetic Technologies, a developer of genetic risk assessment tests, noted that since April 2020, it had raised a total of about $16.4 million through offerings of its American Depositary Shares and it had stockholders' equity in excess of $2.5 million as of Aug. 28, in compliance with Nasdaq's listing rule.
The firm, a developer of predictive testing and assessment tools for cancers, said in March it had received a notice that it is out of compliance with the Nasdaq's continued listing requirements.
In July, the firm announced it inked definitive agreements to sell $5.1 million worth of ADSs to institutional investors.
The firm had also lost and regained compliance with Nasdaq listing requirements in 2019 and 2018.