NEW YORK (GenomeWeb News) – Genetic Technologies today said that it has received a letter from Nasdaq saying that the firm's shares do not currently meet the exchange's requirements for minimum stockholders' equity.
The Melbourne, Australia-based firm said that the non-compliance was the result of its reported stockholders' equity as of Dec. 31, 2009 falling below the $10 million threshold as required by Nasdaq's rules.
Genetic Technologies has until April 18, 2010 to submit a plan to Nasdaq outlining its plans to regain compliance with the rule. If the plan is accepted, the firm may receive an extension of up to 180 days from March 4, 2010 to regain compliance.
Shares of Genetic Technologies closed at $1.27 in Monday trade on the Nasdaq. It currently has a market capitalization of around $15.5 million.