NEW YORK (GenomeWeb) – OpGen will meet with a Nasdaq panel in early 2018 to stave off being delisted from the exchange, the company said in a regulatory document on Tuesday.
In a Form 8-K filing with the US Securities and Exchange Commission, OpGen said that it received written notice on Dec. 21 from Nasdaq informing the company that the exchange would be delisting its stock on Jan. 2, 2018 if it did not request a hearing with a Nasdaq Hearing Panel in relation to the firm's failure to meet certain listing requirements.
In June, OpGen was warned by Nasdaq that it had failed to maintain a minimum bid price of $1 per share for at least 30 consecutive trading days. The exchange gave the company until Dec. 18 to regain compliance.
In May, Nasdaq also warned the firm that fell short of a listing requirement calling for at least $2.5 million in stockholders' equity. In its letter last week, Nasdaq told OpGen that it failed to comply with either listing requirements and was thus ineligible for an additional 180-day extension to meet the minimum bid price requirement, OpGen said.
OpGen requested on Dec. 21 to meet with the Nasdaq panel, staying any suspension or delisting action until the hearing process is concluded and any extension may be granted. An oral hearing is scheduled for Feb. 8, OpGen said in its SEC document.
It added that it has filed a proxy statement for a special meeting of shareholders on Jan. 17, to seek approval for a reverse stock split to meet Nasdaq's minimum bid price.
In early morning trading today, OpGen's shares were down 4 percent at $.1511.
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