NEW YORK (GenomeWeb) – OpGen announced today that it has received notification from the Nasdaq that it has regained compliance with the market's applicable listing standards, and that its stock will continue to be listed and traded on the exchange.
OpGen was warned by the Nasdaq in June 2017 that its shares failed to maintain a minimum bid price of $1 per share for at least 30 consecutive trading days, and that it faced delisting. The company said at the time that it planned to undertake several actions to correct the deficiency.
It closed a $10 million public offering in July 2017, effected a 1-for-25 reverse stock split of its common shares in January 2018, and last week it priced another public stock offering with the aim of raising $12 million.
Now, the Nasdaq has informed OpGen that the minimum bid price deficiency of the firm's stock has been cured. The firm's scheduled hearing before a Nasdaq Hearings Panel, planned for Feb. 8, has been cancelled.
OpGen's shares were down about 5 percent to $2.82 in morning trading on the Nasdaq.