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OpGen Submits Plan to Nasdaq After Missing Another Listing Requirement

NEW YORK — Beleaguered molecular diagnostics firm OpGen said Wednesday that it has submitted a plan to the Nasdaq for regaining compliance with the exchange's minimum stockholders’ equity requirement for continued listing.

According to OpGen, it was notified last week that it was not maintaining stockholders’ equity of at least $2.5 million or meeting the alternatives of market value of listed securities or net income from continuing operations. With the submission of its plan to cure this delinquency, OpGen said that its shares will continue to trade on the Nasdaq for now.

OpGen's failure to meet Nasdaq's minimum stockholders’ equity requirement comes about a month after the company undertook a 1-for-10 reverse stock split of its common shares to regain compliance with the stock exchange's minimum bid price listing requirement of $1.00 per share. In late May, the Rockville, Maryland-based company was also notified that its stock was poised to be delisted from the Nasdaq after it failed to file a first quarter report with the US Securities and Exchange Commission.

Last week, OpGen said it was granted additional time to file that report with the SEC.

OpGen's difficulties meeting the Nasdaq's listing requirements come as the company tries to stay afloat 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 morning trading on the Nasdaq, shares of OpGen were up a fraction of a percent at $2.60.