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OpGen Out of Compliance With Additional Nasdaq Listing Requirement

NEW YORK — OpGen said last week that it has received a notice that it is out of compliance with the Nasdaq's listing requirements after it failed to file a quarterly report with the US Securities and Exchange Commission.

According to OpGen, it did not file a report for the first quarter ended March 31 as required by the SEC. As a result, the Nasdaq notified the molecular diagnostics company that it has missed another of its listing rules.

OpGen had previously been warned over its failure to meet the Nasdaq's minimum bid price listing requirement of $1.00 per share and undertook a 1-for-10 reverse stock split of its common shares to address this issue. The Rockville, Maryland-based company said that the Nasdaq had previously given it until June 3 to regain compliance with the minimum bid price rule, a deadline the exchange has also set for the quarterly report filing.

OpGen said it is in communication with the Nasdaq over gaining additional time to regain compliance with the SEC filing requirement.

OpGen has been struggling to stay afloat recently after defaulting on debts and seeing the bankruptcy of its European subsidiaries Curetis and Ares Genetics. Under the direction of a new CEO, who provided needed financing to the company, OpGen sold off most of its assets earlier this year.

During early Tuesday morning trading, shares of OpGen were down $.04 at $3.26.