Genetic Technologies Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Genetic Technologies Limited (NASDAQ: GENE) has regained compliance with the minimum bid price requirement set forth by Nasdaq, maintaining a minimum closing bid price of $1.00 or more for at least 10 consecutive business days, as announced on January 05, 2024.

Financial Analyst

The notification Genetic Technologies Limited received from Nasdaq confirming their compliance with the minimum bid price requirement is a pivotal financial milestone. This compliance alleviates the immediate risk of delisting, which can severely affect a company's stock liquidity and investor perception. For current and potential investors, this development could signify a restoration of confidence and potentially increase trading activity, as the fear of delisting often leads to a sell-off and a subsequent drop in share price.

Furthermore, maintaining a listing on a prestigious exchange like Nasdaq is crucial for a company's access to capital markets. It can affect the company's ability to raise funds through future stock offerings. For Genetic Technologies, ensuring continued compliance with Nasdaq's requirements is essential for its operational and strategic financial planning, especially considering the capital-intensive nature of the genomics industry.

Market Research Analyst

Genetic Technologies Limited's regaining of compliance with Nasdaq’s listing requirements could be indicative of an improved market sentiment towards the company’s prospects. It is essential to monitor the company’s stock performance in the aftermath of such announcements, as they often lead to increased investor interest and trading volumes. The genomics market is rapidly evolving and companies like Genetic Technologies that offer advanced genomic-based tests are well-positioned to capitalize on the growing demand for personalized medicine.

However, investors should consider the volatility inherent in the biotechnology sector, driven by factors such as regulatory changes, technological advancements and competitive pressures. The company's ability to innovate and maintain a competitive edge is critical for long-term growth and market share expansion.

Biotechnology Legal Expert

Regaining compliance with Nasdaq's minimum bid price requirement is not only a financial concern but also a legal and regulatory one. For Genetic Technologies Limited, adhering to these rules is indicative of the company's governance and its commitment to meeting regulatory standards. While the immediate legal implications of this notice are positive, the company must continue to navigate the complex regulatory environment of the biotechnology industry.

Investors should be aware of the ongoing legal obligations that Genetic Technologies faces, including patent laws, data protection and other regulatory compliance issues that can affect the company's operations and financial health. The company's ability to manage these legal aspects effectively is as crucial as its scientific and market performance.

MELBOURNE, Australia, Jan. 05, 2024 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (NASDAQ: GENE, “Company”) a global leader in genomics-based tests in health, wellness, and serious disease, advises that it has received formal notice from the Nasdaq Stock Market, LLC (“Nasdaq”) stating that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). As previously disclosed, the Company received a written notice from Nasdaq on July 17, 2023, notifying the Company that it had failed to meet the $1.00 per share minimum bid price requirement for continued inclusion on the Nasdaq Capital Market.

To regain compliance with the Listing Rule, the Company’s American Depositary Shares (ADS) were required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days, which was achieved on December 28, 2023. Nasdaq has stated that this matter is now closed.

Enquiries

Investor Relations
Adrian Mulcahy
Automic Markets
M: +61 438 630 411
E: adrian.mulcahy@automicgroup.com.au

About Genetic Technologies Limited

Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. A global leader in genomics-based tests in health, wellness, and serious disease through its geneType and EasyDNA brands. GTG offers cancer predictive testing and assessment tools to help physicians to improve health outcomes for people around the world. The company has a proprietary risk stratification platform that has been developed over the past decade and integrates clinical and genetic risk to deliver actionable outcomes to physicians and individuals. Leading the world in risk prediction in oncology, cardiovascular, and metabolic diseases, Genetic Technologies continues to develop risk assessment products. For more information, please visit www.genetype.com

What is the recent announcement from Genetic Technologies Limited (NASDAQ: GENE)?

The recent announcement states that the company has regained compliance with the minimum bid price requirement set forth by Nasdaq.

What was the previous issue faced by Genetic Technologies Limited (NASDAQ: GENE)?

The company had failed to meet the $1.00 per share minimum bid price requirement for continued inclusion on the Nasdaq Capital Market.

When did Genetic Technologies Limited (NASDAQ: GENE) achieve the minimum closing bid price requirement?

The company achieved the minimum closing bid price of $1.00 or more for at least 10 consecutive business days on December 28, 2023.

Who can be contacted for Investor Relations at Genetic Technologies Limited (NASDAQ: GENE)?

Investor Relations can be contacted through Adrian Mulcahy at Automic Markets, with contact details: M: +61 438 630 411, E: adrian.mulcahy@automicgroup.com.au