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OpGen Requests Hearing on Nasdaq Delisting

NEW YORK – Molecular diagnostics company OpGen is facing delisting from the Nasdaq due to continued noncompliance with the stock exchange's minimum bid price requirement, the company disclosed in a document filed with the US Securities and Exchange Commission on Tuesday. 

The firm said that it has submitted a request for a hearing before the Nasdaq, which has suspended any delisting action until after the hearing process concludes. The hearing is expected to occur in Q1 2024.

OpGen first received notice in June that its common stock had failed to maintain a minimum bid price of $1.00 per share for 30 consecutive business days and that it had until Dec. 4 to regain compliance. On Dec. 6, the firm received notice that it was not eligible for an additional 180-day extension because of its continued noncompliance with the minimum bid price requirement and its inability to meet Nasdaq's initial listing requirement for maintaining a minimum of stockholders' equity.

OpGen said it intends to submit a comprehensive plan to regain compliance and to ask for additional time but noted that there is no guarantee the panel will grant OpGen's request or that the firm will be able to demonstrate compliance with all applicable requirements. 

In November, the company's subsidiaries Curetis and Ares Genetics filed for bankruptcy after unsuccessful attempts to sell those subsidiaries or their assets.