Nasdaq | GenomeWeb

Nasdaq

In December, the company effected a 1-for-10 reverse stock split in order to help regain compliance with Nasdaq's minimum closing bid requirement.

Interpace hopes to keep its stock listed on the Nasdaq as a result of the reverse split. 

The approval from the firm's shareholders and board comes after Great Basin moved its stock to the Over-the-Counter market in October. 

A single institutional investor will purchase 2 million shares of Interpace's common stock and 1.6 million prefunded warrants to purchase its common stock. 

The company said in a filing with the US Securities and Exchange Commission that it is not in compliance with the exchange's minimum shareholders' equity requirement.

The company faces potential delisting from the exchange for failure to meet its minimum bid price requirement.

The company has received a number of warnings from the Nasdaq over the past year for its failure to meet the exchange's $35 million market value and $1 minimum bid price requirements.

The molecular testing firm, which received a notice of potential delisting in January, said it may regain compliance through a reverse stock split, if necessary.

The stock exchange has told the company that it is has failed to comply with the minimum stockholders' equity requirement for continued listing.

The company said it plans to schedule a hearing in front of the Nasdaq Listing Qualifications Panel to ask for a 30 day extension to regain compliance.

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