NEW YORK – Centogene announced on Friday that it has received a notification letter from Nasdaq warning the company it is not in compliance with the stock exchange's minimum bid price requirement.
In the letter dated April 24, Nasdaq told Centogene the closing price for the company's common shares was below $1.00 for 30 consecutive business days from March 10 through April 21. Centogene has 180 calendar days from the date of notification, or until Oct. 23, to regain compliance with the minimum bid price requirement, Centogene said in a statement. The bid price of the shares must close at or above $1.00 for at least 10 consecutive business days to regain compliance.
If the company doesn't regain compliance by Oct. 23, it may be eligible for an additional 180-day compliance period if it meets the continued listing requirements for market value of publicly held shares and all other initial listing standards, and if it provides written notice to Nasdaq of its intention to meet the minimum bid price requirement.
The Rostock, Germany-based firm, which uses genomic and other data to support drug discovery and develop diagnostics for rare diseases, said it intends to actively monitor the bid price and will evaluate all available options to regain compliance.
The company previously received a notice of noncompliance with the requirement in December, but announced in February that it had regained compliance.
During early Friday trading, Centogene's stock price was down 17 percent at $1.00.