Nasdaq

The company markets two tests for skin cancer, including DecisionDx-Melanoma for identifying high-risk Stage I and II cutaneous melanoma patients.

Nasdaq told the company that its shares have failed to meet a minimum $1 per share closing price for 30 consecutive days and may face delisting action.

The firm, which markets a clinical immunosequencing assay for leukemia and multiple myeloma, had originally expected to sell its shares at $15 to $17 apiece.

The company, which also trades on the Australian Securities Exchange, has 45 days to submit a plan to the Nasdaq as to regaining compliance.

The cancer diagnostics developer said it was undertaking the reverse stock split in order to meet the Nasdaq's $1 minimum bid price requirement.

Last month, the company announced two transactions that it said would enable it to regain compliance with the Nasdaq's listing requirement.

An analyst said the DetermaVu test could potentially be best in class for lung cancer diagnosis and that CMS could begin reimbursing for it in late 2020.

The firm plans to offer more than 13 million shares of its common stock at $.225 per share. The offering will close on or about Jan. 14.

The company's diagnostics, diagnostics excluding blood, and breast health divisions are all anticipated to post healthy year-over-year improvements.

The expected net proceed are now $5.4 million, down from an earlier anticipated $9.1 million. Investors reacted negatively to the news today.