NEW YORK — Point-of-care diagnostics developers Trinity Biotech and LumiraDx have been notified by the Nasdaq that their stock is out of compliance with the market's minimum bid price requirement, the firms said separately on Tuesday.
Dublin-based Trinity said it received a letter from the Nasdaq indicating that its American depositary shares have traded below $1 for 30 consecutive business days in violation of the exchange's listing rules. London-based LumiraDx's common stock has also been trading below the $1 threshold for 30 consecutive business days.
The companies have 180 calendar days to regain compliance, which requires their shares to trade at or above the $1 mark for at least 10 consecutive business days. If the shares fail to do so, they may have an additional 180 days to regain compliance as long as they meet the Nasdaq's other requirements.
The delisting notices come amid financial difficulties for both companies. Last month, Trinity reported a 20 percent year-over-year drop in revenues for 2022, and it recently struck a deal to sell its sciences supply business to Biosynth for $30 million in cash in order to reduce its debt load.
LumiraDx, meantime, is planning to cut 40 percent of its global workforce as it deals with a dropoff in COVID-19 testing revenues. The company recently posted a 40 percent decline in revenues in 2022 versus the year before.