Applied DNA Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Applied DNA Sciences, Inc. (NASDAQ:APDN) has regained compliance with Nasdaq's minimum bid price requirement. The company received a notification letter on September 17, 2024, confirming that its common stock maintained a closing bid price of $1.00 or higher for 20 consecutive business days from August 19 to September 16, 2024. This development resolves the previous non-compliance issue reported on July 12, 2024, when APDN's stock failed to maintain the required minimum bid price. Nasdaq now considers this matter closed, ensuring Applied DNA's continued listing on the exchange.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement
• Maintained closing bid price of $1.00 or higher for 20 consecutive business days
• Resolved potential delisting risk

Negative

• None.

Financial Analyst

Applied DNA Sciences' regaining of Nasdaq compliance is a positive development for the company's financial stability and market perception. By maintaining a closing bid price above $1.00 for 20 consecutive business days, APDN has successfully addressed a critical listing requirement. This compliance reduces the immediate risk of delisting, which could have severely impacted investor confidence and the company's ability to raise capital.

However, investors should note that while this news removes a short-term concern, it doesn't necessarily reflect improvements in the company's fundamental business performance or financial health. The stock's ability to maintain this price level will depend on future business developments and market sentiment. Prudent investors should look beyond this compliance issue and focus on APDN's upcoming financial results and business progress in the PCR-based DNA technologies sector for a comprehensive assessment of the company's prospects.

Market Research Analyst

The regaining of Nasdaq compliance by Applied DNA Sciences signals a potential shift in market sentiment towards the company. This development may attract increased attention from institutional investors who often have restrictions on investing in stocks below certain price thresholds. The sustained price increase suggests a possible improvement in investor confidence, which could lead to enhanced liquidity for APDN shares.

However, it's important to contextualize this within broader market trends. The biotech and DNA technology sectors have faced challenges recently, with investor sentiment fluctuating. APDN's ability to maintain its stock price above $1.00 amidst these conditions is noteworthy. Moving forward, investors should monitor whether this compliance translates into sustained investor interest and how it compares with peer companies in the PCR-based DNA technologies space. This event could serve as a catalyst for renewed market interest, but long-term performance will hinge on the company's ability to capitalize on this momentum with tangible business growth.

STONY BROOK, NY / ACCESSWIRE / September 18, 2024 / Applied DNA Sciences, Inc. (NASDAQ:APDN) (Applied DNA), a leader in PCR-based DNA technologies, today announced that on September 17, 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 July 12, 2024, that its common stock 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 common stock needed to be at least $1.00 for a minimum of 10 consecutive business days (the "Compliance Period"), with said Compliance Period extendable generally not to exceed 20 consecutive business days pursuant to Nasdaq Listing Rule 5810(c)(3)(H).

On September 17, 2024, Nasdaq determined that for the last 20 consecutive business days, from August 19 through September 16, 2024, the closing bid price of the Company's common stock was $1.00 per share or greater. Accordingly, the Company has regained compliance with the Minimum Bid Price Requirement, and Nasdaq considers this matter now closed.

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 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, the unknown amount of revenues and profits that will result from our Linea IVT and or Linea DNA platforms, limited market acceptance for its supply chain security products and 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, Quarterly Reports on Form 10-Q filed on February 8, 2024, May 10, 2024, and August 8, 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
X: @APDN

SOURCE: Applied DNA Sciences

View the original press release on accesswire.com

FAQ

What was the minimum bid price requirement Applied DNA had to meet for Nasdaq compliance?

Applied DNA had to maintain a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days to regain compliance with Nasdaq's minimum bid price requirement.

When did Applied DNA Sciences (APDN) regain compliance with Nasdaq's minimum bid price requirement?

Applied DNA Sciences regained compliance on September 17, 2024, after maintaining a closing bid price of $1.00 or higher for 20 consecutive business days from August 19 through September 16, 2024.

How long was Applied DNA (APDN) out of compliance with Nasdaq's minimum bid price requirement?

Applied DNA was out of compliance from July 12, 2024, when it was first notified, until September 17, 2024, when it regained compliance, a period of approximately two months.

What could have happened if Applied DNA (APDN) failed to regain compliance with Nasdaq's minimum bid price requirement?

If Applied DNA had failed to regain compliance, it could have faced potential delisting from the Nasdaq Stock Market, which would have significantly impacted its ability to trade on the exchange.