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Genetic Technologies Facing Nasdaq Delisting

NEW YORK (GenomeWeb) – Australian molecular diagnostics firm Genetic Technologies said on Friday that it has received notification from the Nasdaq that its stock faces delisting for failing to meet the exchange's $1 minimum bid price requirement.

Genetic Technologies said it has until Jan. 15, 2018 to regain compliance by meeting or exceeding the $1 per share price for 10 consecutive business days. If the firm fails to do so, but meets the Nasdaq's other listing requirements and presents a notice of its intent to regain compliance with the minimum bid requirement, it may be granted an additional 180 days before its shares are delisted.

The Nasdaq notification comes a few months after Genetic Technologies changed the pricing and billing structure for its breast cancer risk assessment test due to difficulties gaining adequate payment using a traditional payment model.

During early morning trading today, shares of Genetic Technologies were down about 2.5 percent at $.8776.