Applied DNA Sciences, a maker of DNA used to authenticate materials, has been given more time to meet Nasdaq listing requirements.
The Stony Brook-based company said that the Nasdaq Hearings Panel granted the company’s request for an extension through December 31, 2019, to comply with listing requirements. Those include the minimum $1.00 bid price and $2.5 million stockholders’ equity requirements.
Shares ended trading Thursday at about 23 cents and a roughly $9.9 million market capitalization, according to Yahoo! Finance.
“We are appreciative of the Nasdaq Hearings Panel’s decision to grant us our requested extension,” CEO James Hayward said. “The management team and Board of Directors place the highest priority on our continued listing.”
He said that he would like to “assure all stakeholders that we continue to work diligently on executing on our compliance plan,” although the company said “there can be no assurance” it will do so within the allotted time period.
