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Bionano Genomics Receives Nasdaq Warning Over Low Share Price

NEW YORK – Bionano Genomics has again fallen out of compliance with Nasdaq listing requirements.

According to an April 24 filing with the US Securities and Exchange Commission, the genome mapping firm received a letter from Nasdaq on April 22, stating that for 30 consecutive days, its share price had closed below the $1.00 minimum required for continued listing.

At the close of the market on April 24, shares of Bionano traded at $.35.

This is the second noncompliance notice the San Diego-based firm has received from Nasdaq since August 2019, when it was notified that its stockholders' equity did not satisfy continued listing requirements. In October, the firm raised approximately $18 million in a public offering as part of its efforts to regain compliance.

Bionano shares fell below the $1.00 threshold on March 6, a day after the firm reported fourth quarter and full year 2019 financial results. That day, the firm also amended a loan agreement with Innovatus Life Science Lending Fund. Later that month, the firm registered an offering of 17.6 million shares of common stock and warrants to purchase the same number of shares.

Bionano has until December 28 to regain compliance. Ordinarily, the company would have 180 days, but due to the recent extraordinary market conditions, Nasdaq determined to extend the compliance period.