NEW YORK — Enzo Biochem said Tuesday that it has received notification from the New York Stock Exchange that it has fallen out of compliance with the financial market's listing requirements.
Specifically, Enzo was informed that its 30-day average market capitalization and its last reported stockholder's equity were both less than $50 million, in violation of the stock exchange's rules. Additionally, the average closing price of Enzo's common stock price over a consecutive 30-day period was less than the requisite minimum of $1.00.
Enzo said it will notify the New York Stock Exchange of its intent to submit a plan to regain compliance with the listing requirements by Feb. 21. The Farmingdale, New York-based company added that it will consider "all available alternatives to cure the [listing] deficiencies."
In August, Enzo was ordered to pay a $4.5 million fine for a patient data breach, and last month it posted a 21 percent drop in fiscal first quarter revenues.