NEW YORK (GenomeWeb) – Australian molecular diagnostics firm Genetic Technologies today announced it has regained compliance to continue listing its shares on the Nasdaq.
Genetic Technologies received a warning letter from Nasdaq in November 2014 telling the firm it did not meet a listing requirement of at least $2.5 million in stockholder equity. The company said today that it had net assets of about A$21 million (about US$16.5 million) as of March 31, allowing it continue listing its stock on the Nasdaq.
Nasdaq had given Genetic Technologies until late December to submit a plan to regain compliance. Genetic Technologies submitted its plan in November and was told in January by Nasdaq that it had extended the deadline to May 4 to regain compliance with the listing rule.
Early this year, the company entered into a A$24 million standby equity placement facility agreement with Kentgrove Capital Growth Fund. As of May 4, it received about A$2.6 million as part of the agreement, Genetic Technologies said. The company also raised A$18 million in March after securing commitments from US investors.
In February, Genetic Technologies said that it regained compliance on another Nasdaq listing requirement calling for a minimum $1 bid on its shares.