SAN FRANCISCO, Jan. 15 - Lynx Therapeutics said today that has received notice from Nasdaq that it is in additional danger of delisting.
Nasdaq determined that Lynx was not in compliance with Nasdaq's audit committee requirements for continued listing. This notice comes on the heels of Lynx stock falling below Nasdaq's minimum bid price for continued listing.
Lynx has been granted a hearing before a Nasdaq panel to review the audit committee's decision.
Lynx said it was appointing an independent director to its audit committee at its next regularly scheduled board of directors meeting and that it expects to be in compliance with Nasdaq's audit committee requirements as defined by Nasdaq's Marketplace Rule 4350(d)(2).
Lynx also announced today that it will be initiating a reverse split of its stock. A 1-for-7 reverse split of its common stock was approved by its board of directors and stockholders and will take effect January 16. The split will reduce the number of common stock outstanding from about 32.5 million to 4.6 million, according to Lynx. Lynx will temporarily trade under the symbol LYNXD until reverting back to LYNX around February 13, the company said.