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Genetic Technologies Gets Nasdaq Delisting Warning

NEW YORK — Australian genomic testing company Genetic Technologies said on Friday that it has been notified that its stock is out of compliance with the Nasdaq's minimum bid price requirement.

According to Genetic Technologies, its American Depositary Shares have traded below $1 for 34 consecutive trading days, failing to meet the Nasdaq's requirement for continued listing. The company said its shares must trade at or above $1 for at least 10 consecutive trading days within a 180 calendar day period in order to regain compliance.

On Friday morning, Genetic Technologies shares traded at $.94 on the Nasdaq.

Genetic Technologies, which struck deals to raise A$5 million (U$3.4 million) through a direct stock offering earlier this year, said that it is evaluating its options to meet the Nasdaq's listing requirement. The firm has been working to commercialize its polygenic risk tests in Europe and the US, where it is in talks with private payors over reimbursement.

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