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.
Nasdaq said the firm is not in compliance with the $1.00 minimum bid price required for continued listing for the 30 consecutive business days leading up to Feb. 23.
The firm regained compliance with the listing rule requiring a minimum $1 share price after announcing a 1-for-15 reverse split of its stock this month.
The exchange warned the company that its stock could be delisted if it doesn't meet the $1.00 minimum required closing bid price.
After an autumn dip, biotech stocks are on the rise, though investors tell the Wall Street Journal that the sector may remain volatile in the New Year.
The company's stock faces a potential delisting from Nasdaq for failing to meet the stock exchange's $1 minimum bid price for 30 consecutive days.
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