NEW YORK (GenomeWeb) – Precipio is out of compliance with a Nasdaq listing requirement, the firm said in a document filed Friday with the US Securities and Exchange Commission.
The company said Nasdaq notified it on March 26 that for the past 30 consecutive business days, the closing bid price per share of its common stock was below the $1 minimum needed for continued listing.
Nasdaq has given Precipio a grace period until Sept. 24, 2018 to regain compliance by ensuring that its common stock price meets or exceeds $1 per share for at least 10 consecutive business days.
According to the SEC filing, even if Precipio’s common stock doesn't regain compliance during the grace period, the firm will be eligible for an additional grace period of 180 calendar days. However, the firm must satisfy Nasdaq's continued listing requirement for market value of publicly held shares and all other initial listing standards other than the minimum bid price requirement. Precipio must also provide written notice to Nasdaq of its intention to resolve the issue during the second grace period.
Nasdaq will provide notice that Precipio's securities are subject to delisting if it appears that the firm will not be able to resolve the issue or if it is otherwise not eligible.
In early morning trading on the Nasdaq, shares of Precipio were flat at $.53.