NEW YORK, Jan. 29-Joining the small crowd of genomics firms that are on the verge of losing a spot on the trading floor, Paradigm Genetics said today that Nasdaq notified the company on Jan. 24 that it is now subject to delisting.
Paradigm's stock has been trading below the benchmark $1 minimum bid price since Oct. 1. By Nasdaq rules, if a company is priced under that cutoff for more than 30 consecutive trading days, it has 90 days to boost its stock price or risk being evicted from the exchange.
The company plans to appeal the determination, and its stock will continue to be traded on the exchange pending that decision.
Paradigm Genetics is also considering a transfer to Nasdaq's small cap market, which would give the company more time to hike its share price back above the $1 limit.
Earlier this month, the company said it was selling off its ParaGencrop science division to a Canadian crop shop in a deal expected to close by mid-February.