Applied DNA Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Applied DNA Sciences, Inc. (NASDAQ:APDN) has regained compliance with the minimum bid price requirement set by the Nasdaq Stock Market, ensuring that the company's ordinary shares closed at or above $1.00 for a minimum of 10 consecutive business days, as confirmed in a recent notification letter. This achievement signifies a positive development for the company and its shareholders.

Positive

• Applied DNA Sciences, Inc. (NASDAQ:APDN) has successfully regained compliance with the Nasdaq minimum bid price requirement.

• The company's ordinary shares closed at or above $1.00 for 10 consecutive business days, meeting the Minimum Bid Price Requirement.

• This compliance achievement is a positive development for Applied DNA Sciences, Inc. (NASDAQ:APDN) and its shareholders.

Negative

• None.

STONY BROOK, NY / ACCESSWIRE / May 10, 2024 / Applied DNA Sciences, Inc. (NASDAQ:APDN) (Applied DNA), a leader in PCR-based DNA technologies, today announced that on May 9, 2024, it received a notification letter (the "Notification Letter") from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq"), informing the Company that it has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement").

As previously reported, the Company was notified on December 1, 2023, that its ordinary shares failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Minimum Bid Price Requirement. To regain compliance with the Minimum Bid Price Requirement, the closing bid of the Company's ordinary shares needed to be at least $1.00 for a minimum of 10 consecutive business days.

The Notification Letter confirmed that the Company evidenced a closing bid price at or greater than the $1.00 per ordinary share minimum requirement for 10 consecutive business days from April 25, 2024, to May 8, 2024, and that the Company has regained compliance with the Minimum Bid Price Requirement.

About Applied DNA Sciences

Applied DNA Sciences is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, we operate in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and, through our recent acquisition of Spindle Biotech, Inc. ("Spindle"), the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services.

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Forward-Looking Statements

The statements made by Applied DNA in this press release may be "forward-looking" in nature within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe Applied DNA's future plans, projections, strategies, and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Applied DNA. Actual results could differ materially from those projected due to its history of net losses, limited financial resources, the substantial doubt about its ability to continue as a going concern, the unknown future ability to meet all Nasdaq listing requirements, the unknown future demand for its biotherapeutics products and services, our unknown ability to procure additional financing to build incremental GMP manufacturing facility, the unknown amount of revenues and profits that will result from our Linea IVT and or Linea DNA platforms, the unknown timing of potential approval from New York State Department of Health for our pharmacogenetic testing services, limited market acceptance for its supply chain security products and services, the declining demand for Applied DNA's COVID-19 testing services, the fact that there has never been a commercial drug product utilizing PCR-produced DNA technology and/or the Linea IVT platform approved for therapeutic use, and various other factors detailed from time to time in Applied DNA's SEC reports and filings, including its Annual Report on Form 10-K, as amended, filed on December 7, 2023 and Quarterly Report on Form 10-Q filed on February 8, 2024 and May 10, 2024, and other reports it files with the SEC, which are available at www.sec.gov. Applied DNA undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date hereof or to reflect the occurrence of unanticipated events, unless otherwise required by law.

Contacts:

Applied DNA Sciences

Investor Relations contact: Sanjay M. Hurry, 917-733-5573, sanjay.hurry@adnas.com

Web: www.adnas.com

Twitter: @APDN

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SOURCE: Applied DNA Sciences, Inc.

View the original press release on accesswire.com

FAQ

<p>What was the notification Applied DNA received from Nasdaq?</p>

Applied DNA received a notification letter from the Listing Qualifications Department of Nasdaq regarding compliance with the minimum bid price requirement.

<p>What is the Nasdaq Listing Rule related to the bid price requirement?</p>

The Nasdaq Listing Rule 5550(a)(2) sets the minimum bid price requirement for companies like Applied DNA Sciences, Inc. (NASDAQ:APDN).

<p>How did Applied DNA regain compliance with the Minimum Bid Price Requirement?</p>

Applied DNA regained compliance by ensuring its ordinary shares closed at or above $1.00 for a minimum of 10 consecutive business days.