Progenity Inc. 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 6, 2022, Biora Therapeutics, Inc. (the “Company”) received a determination from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) stating that, due to the Company’s continued non-compliance with the minimum bid price requirement for continued listing on The Nasdaq Global Market, as set forth in Nasdaq Listing Rule 5450(a)(1) (the “Rule”), the Company’s securities were subject to delisting unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”). The Company plans to timely request a hearing before the Panel, which request will stay any further delisting action by Nasdaq at least pending the issuance of the Panel’s decision following the hearing and the expiration of any extension period that may be granted by the Panel to the Company as a result of the hearing. The determination otherwise has no immediate impact on the listing or trading of the Company’s common stock, which will continue to trade on The Nasdaq Global Market under the symbol “BIOR” pending the ultimate conclusion of the Nasdaq hearing process.
The Company’s compliance plan may include implementation of a reverse stock split to achieve a closing bid price of at least $1.00 per share for a minimum of 10, but generally not more than 20, consecutive business days, in accordance with the Nasdaq Listing Rules. On November 29, 2022, the Company filed a definitive proxy statement with the Securities and Exchange Commission for a special meeting of stockholders scheduled to be held on December 19, 2022 to approve, among other things, a proposal to authorize the Company’s Board of Directors, in its discretion, to file an amendment to the Company’s certificate of incorporation to effect a reverse stock split of all of the outstanding shares of the Company’s common stock, at a ratio in the range of 5:1 to 25:1, if necessary. There can be no assurance, however, that the Panel will grant the Company’s request for continued listing or that the Company will be able to evidence compliance with all applicable listing criteria within the period of time the Panel may grant to the Company following the hearing.
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 thereunto duly authorized.
| Biora Therapeutics, Inc. | ||||||
| Date: December 9, 2022 | By: | /s/ Eric d’Esparbes | ||||
| Eric d’Esparbes Chief Financial Officer | ||||||