Ginkgo Regains Compliance with NYSE Minimum Bid Price Requirement

Rhea-AI Summary

Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) has regained compliance with the NYSE's minimum bid price requirement. The company received confirmation on September 3, 2024, that its Class A common stock had maintained a closing bid price at or above $1.00 for the required period. This follows a 1-for-40 reverse stock split implemented on August 20, 2024, to address the previous non-compliance notification received on May 7, 2024.

Simultaneously, Ginkgo received notice that the NYSE will delist the company's public warrants due to abnormally low trading price levels. These warrants, originally issued in connection with Soaring Eagle Acquisition Corp's IPO, will be suspended from trading immediately. However, Ginkgo's Class A Common Stock will continue to trade on the NYSE under the symbol 'DNA' unaffected by this warrant delisting.

Positive

• Regained compliance with NYSE minimum bid price requirement
• Class A common stock continues to trade on NYSE under 'DNA' symbol

Negative

• 1-for-40 reverse stock split implemented to meet compliance
• Public warrants to be delisted from NYSE due to abnormally low trading price

BOSTON, Sept. 4, 2024 /PRNewswire/ -- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, "Ginkgo" or the "Company"), which is building the leading platform for cell programming and biosecurity, today announced that it had received a letter from the New York Stock Exchange ("NYSE") on September 3, 2024 stating that because Ginkgo's Class A common stock had a closing bid price at or above $1.00 on the last day of August and the Company's 30-day trading average closed above $1.00, Ginkgo had regained compliance with Section 802.01C of the NYSE Listed Company Manual.

As previously disclosed, Ginkgo was notified on May 7, 2024 that its Class A common stock failed to maintain a minimum average closing price that was above $1.00 per share over a consecutive 30 trading-day period, as required by the NYSE Listed Company Manual. Following a 1-for-40 reverse stock split, the Class A common stock opened for trading on the NYSE on a split adjusted basis on August 20, 2024.

Coinciding with the notification of Ginkgo's Class A common stock compliance, Ginkgo also received notice from NYSE on September 3, 2024 that it will commence proceedings to delist the Company's public warrants which were previously issued in connection with Soaring Eagle Acquisition Corp's initial public offering (the "Warrants"). These Warrants will be immediately suspended from trading due to "abnormally low" trading price levels pursuant to 802.01D of the NYSE Listed Company Manual. Trading in the Ginkgo's Class A Common Stock will be unaffected and will continue on the NYSE under the symbol "DNA".

About Ginkgo Bioworks
Ginkgo Bioworks is the leading horizontal platform for cell programming, providing flexible, end-to-end services that solve challenges for organizations across diverse markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo Biosecurity is building and deploying the next-generation infrastructure and technologies that global leaders need to predict, detect, and respond to a wide variety of biological threats.  For more information, visit ginkgobioworks.com and ginkgobiosecurity.com, read our blog, or follow us on social media channels such as X (@Ginkgo and @Ginkgo_Biosec), Instagram (@GinkgoBioworks), Threads (@GinkgoBioworks) or LinkedIn.

Forward-Looking Statements of Ginkgo Bioworks 
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including the Company's ability to continue to comply with applicable listing standards of the NYSE. These forward-looking statements generally are identified by the words "believe," "can," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to continue to comply with applicable listing standards of the NYSE, (ii) volatility in the price of the Company's securities due to a variety of factors, including changes in the competitive and highly regulated industries in which the Company operates and plans to operate, variations in performance across competitors, and changes in laws and regulations affecting the Company's business, (iii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, (iv) the risk of downturns in demand for products using synthetic biology, (v) the uncertainty regarding the demand for passive monitoring programs and biosecurity services, (vi) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vii) the outcome of any pending or potential legal proceedings against the Company, (viii) our ability to realize the expected benefits from and the success of our Foundry platform programs, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, and (x) the product development or commercialization success of our customers. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on February 29, 2024, the Company's most recent quarterly report on Form 10-Q, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations.

Ginkgo Bioworks Contacts:

INVESTOR CONTACT:

investors@ginkgobioworks.com 

MEDIA CONTACT:

press@ginkgobioworks.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/ginkgo-regains-compliance-with-nyse-minimum-bid-price-requirement-302238512.html

SOURCE Ginkgo Bioworks

FAQ

What happened to Ginkgo Bioworks' (DNA) NYSE listing status on September 3, 2024?

Ginkgo Bioworks (DNA) regained compliance with the NYSE's minimum bid price requirement on September 3, 2024, after its Class A common stock maintained a closing bid price at or above $1.00 for the required period.

When did Ginkgo Bioworks (DNA) implement its reverse stock split?

Ginkgo Bioworks (DNA) implemented a 1-for-40 reverse stock split on August 20, 2024, to address the previous non-compliance with NYSE's minimum bid price requirement.

What is happening to Ginkgo Bioworks' (DNA) public warrants on the NYSE?

The NYSE will delist Ginkgo Bioworks' (DNA) public warrants due to abnormally low trading price levels. These warrants will be suspended from trading immediately.

Will the delisting of warrants affect Ginkgo Bioworks' (DNA) common stock trading?

No, the delisting of Ginkgo Bioworks' (DNA) public warrants will not affect its Class A Common Stock, which will continue to trade on the NYSE under the symbol 'DNA'.