NEW YORK – HTG Molecular said today that it has received a notice of non-compliance from Nasdaq indicating it has failed to meet a listing requirement calling for a minimum closing bid price of $1 per share.
In a document filed with the US Securities and Exchange Commission, Tucson, Arizona-based HTG received the notice from Nasdaq on Oct. 4 saying that its stock had failed to meet the $1-per-share requirement for 30 consecutive business days. The company can regain compliance if its closing bid price is at least $1 per share for at least 10 consecutive business days. HTG was given 180 calendar days, or until April 4, 2020, to regain compliance.
If HTG does not do so by the end of the 180-day period, it may qualify for another 180-day compliance period by providing Nasdaq written notice of its plans to meet the requirement. If the firm fails to regain compliance during this 180-day period, its common stock will be subject to delisting.
HTG said it will monitor the closing bid price of its common stock and may consider implementing options to regain compliance with the minimum bid price requirement. The firm's stock was up 1 percent at $.75 per share in morning trading today.
In September, HTG priced a public offering of $20 million in common stock and a private placements of warrants.