NEW YORK – Following a share consolidation and American Depository Shares ratio change in December, Australian genomic testing company Genetic Technologies said Friday that it has regained compliance with the Nasdaq's requirement of maintaining a minimum bid price of $1.00 per share.
The Melbourne-based firm received notice in July that it was out of compliance because its ADS had traded below $1.00 for 34 consecutive trading days. It said Friday that it had satisfied that requirement as of Dec. 28 by maintaining a minimum closing bid price of $1.00 or more for 10 consecutive business days. The exchange provided notice that the matter is closed, the company said.
The firm announced Dec. 12 plans for a 1-for-100 consolidation of its ordinary shares and a change of the ratio of its ADS to ordinary shares. One ADS now represents 30 shares compared to the previous ratio of one ADS representing 600 shares. ADS holders received one new ADS for every five surrendered.
Genetic Technologies shares were trading at $2.65 as of the close of the market Jan. 4.