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AnPac Bio Receives Nasdaq Delisting Notice

NEW YORK – Cancer diagnostics firm AnPac Bio-Medical Science said Friday that it had received a letter from the Nasdaq notifying the firm that it faces delisting from the exchange.

China-based AnPac said it will appeal to the Nasdaq Hearings Panel over the determination that the firm failed to meet a listed securities requirement — the so-called "equity rule" — of maintaining a minimum $2.5 million stockholders' equity. The request for a hearing before the panel stays any delisting or suspension from the exchange, the firm said.

"At the hearing, the company intends to present a plan to achieve and sustain compliance with the equity rule and all applicable requirements for continued listing and to request an extension of time within which to complete its compliance plan," the firm said.

AnPac said in November that it had regained compliance with the Nasdaq's minimum $1 per share bid requirement after receiving a delisting notice in September. In December, the firm also announced it would sell $5 million of shares and warrants to nine investors.