BioNexus Gene Lab Corp filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On December 27, 2024, BioNexus Gene Lab Corp. (the “Company”) received a written notice from the Nasdaq Hearings Panel (the “Panel”) indicating that the Company has been granted a temporary exception to regain compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share (the “Bid Price Rule”).
The Company has until May 1, 2025, to regain compliance. As part of this compliance plan, the Company intends to effect a reverse stock split, if necessary, no later than April 7, 2025, and has outlined steps to meet this timeline. Failure to regain compliance by May 1, 2025, will result in the delisting of the Company’s common stock from The Nasdaq Capital Market.
Additionally, Nasdaq has updated its rules regarding reverse stock splits. Effective January 30, 2025, the Company must notify Nasdaq of specific details, including the date of shareholder approval, at least ten (10) calendar days prior to the anticipated market effective date of the reverse stock split.
The Company is taking the necessary steps to ensure compliance with the Bid Price Rule within the granted timeframe and will provide updates as appropriate.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: December 31, 2024 | By: | /s/ Su-Leng Tan Lee |
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| Name: | Su-Leng Tan Lee | |
| Title: | Chief Executive Officer |
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