NEW YORK – Bionano Genomics said Thursday that it has fallen out of compliance with Nasdaq listing requirements.
According to a July 18 filing with the US Securities and Exchange Commission, the optical genome mapping firm received a letter from Nasdaq on July 12 stating that for 30 consecutive days, its share price had closed below the $1.00 minimum required for continued listing.
The company has 180 calendar days to regain compliance with the minimum bid price requirement.
This is not the first time the San Diego-based firm has received a Nasdaq delisting warning. It received similar notices in 2020 and 2019.
Having laid off one-third of its workforce earlier this year as part of a restructuring to save on costs, Bionano has shown signs of financial distress in recent quarters but was recently able to obtain additional funding. The company raised approximately $20 million earlier this month in a registered direct offering of its common stock after raising $17.9 million in debt financing in May.