NEW YORK (GenomeWeb) – Great Basin Scientific announced today that the Nasdaq listing qualifications panel has granted the company's request for the continued listing of its common stock on the Nasdaq.
The company received a notice from the exchange in October 2015 warning that it had failed to meet the requirements to continue listing its shares, including a minimum $35 million market value of listed securities and a $1 minimum bid price on its shares. In April, Great Basin was warned again that it could face delisting.
The company was required to show the Nasdaq that it had a plan to regain compliance by raising its market capitalization to at least $35 million for a minimum of 10 consecutive business days on or before Oct. 10.
"We presented our detailed plan for compliance on June 16, 2016 and are pleased that the panel has quickly granted us the additional time to regain compliance," said CEO Jeff Rona in a statement. "We are moving aggressively to implement our plan and are optimistic it will result in compliance with the market value of listed securities requirement before the end of this extension period."
In May, the company reported its first quarter revenue grew 60 percent, and priced a public offering expected to raise $6 million in gross proceeds. Earlier this week, Sandra Nielsen, senior vice president of sales, marketing, and human resources at Great Basin, told GenomeWeb that the firm has "a lot of confidence in the plan we presented to [the Nasdaq]" and that "the same bankers and investors who have been involved in earlier deals are continuing to work with us, and are confident in our business plan, the progress we've made, and our fundamentals."
Great Basin's shares were up more than 2 percent to $1.78 in afternoon trading on the Nasdaq.