stock listing

The company's stock faced delisting for trading below $1 for 30 consecutive business days in violation of the Nasdaq's requirements.

The firm raised €4.7 million through a conditional placement, and €5.0 million through an unconditional direct subscription.

The molecular diagnostics firm was told on Wednesday that it is again in compliance with a rule calling for a $1 minimum bid on its share price.

The company, a division of BGI Group, sold 40.1 million shares at RMB 13.64 per share for a total of RMB 547 million ($80.6 million) in the offering.

Nasdaq told the firm on Tuesday that its shares failed to maintain a minimum bid price of $1 per share for at least 30 consecutive trading days.

The firm had been notified in November that it failed to meet a listing requirement calling for at least $2.5 million in stockholder equity and faced delisting action. 

The firm said that its shares will begin trading on the OTCQB exchange starting on Feb. 22.

The firm was able to maintain a minimum closing bid price of at least $1 per share for at least 10 consecutive business days.

In December, the company effected a 1-for-10 reverse stock split in order to help regain compliance with Nasdaq's minimum closing bid requirement.

The firm recently enacted a 1-for-5 reverse stock split to help its shares meet the minimum bid price requirement for listing on the market.

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