NEW YORK (GenomeWeb) – WaferGen Biosystems disclosed yesterday in a filing with the US Securities and Exchange Commission that its stock faces a potential delisting from Nasdaq for failing to meet the stock exchange's $1 minimum bid price for 30 consecutive days.
On Dec. 21, WaferGen received a notification letter from Nasdaq's Listing Qualifications Department indicating that, for the 30 consecutive business days ended Dec. 18, the bid price for the company's common stock closed below the minimum $1 per share bid price requirement for continued listing on the Nasdaq Capital Market.
The notification letter has no immediate effect on the listing or trading of WaferGen's common stock. The company now has 180 calendar days, or until June 20, 2016, to regain compliance. If at any time before June 20 the closing bid price of the company's common stock is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq will provide a compliance notice to the firm.
If WaferGen does not regain compliance by June 20, but meets the Nasdaq Capital Market initial inclusion criteria set forth in Nasdaq Listing Rule 5505, except for the minimum $1 per share bid price requirement, it will be granted an additional 180-calendar day compliance period. If the company does not regain compliance by June 20, and is not eligible for an additional compliance period at that time, Nasdaq will provide written notification that the company's common stock will be delisted.
During early morning trading on the Nasdaq, WaferGen's shares were up 1 percent at $.80.
Last month WaferGen reported that its third quarter revenues jumped 54 percent year over year driven by increased sales of SmartChip capital equipment.