NEW YORK (360Dx) – OpGen today said that it has been notified by Nasdaq that it fails to meet a listing requirement calling for at least $2.5 million in stockholders' equity and could face delisting action.
The firm added in a document filed with the US Securities and Exchange Commission that was also told on May 12 by Nasdaq that it does not meet the alternative compliance requirements of market value of listed securities or net income from continuing operations. OpGen has 45 days to submit a plan to regain compliance, and if it is accepted, Nasdaq can grant the company an extension of up to 180 calendar days.
OpGen said that it will evaluate various strategies to regain compliance and submit a plan to Nasdaq.
The antibiotic-resistance detection and analysis tools firm last month reported that its first quarter revenues fell 30 percent year over year.