Bionano Genomics Granted 180-Day Extension by Nasdaq to Regain Compliance with Bid Price Rule

Rhea-AI Summary

Bionano Genomics (Nasdaq: BNGO) has received a 180-day extension from Nasdaq to comply with the $1.00 minimum bid price requirement, now until June 28, 2021. This decision follows the company's adherence to other continued listing requirements. Nasdaq's notification allows the company to maintain its stock listing while it works towards regaining compliance. Bionano plans to consider a reverse stock split if necessary to achieve this goal. CEO Erik Holmlin expressed optimism about the company's progress and ongoing efforts to advance the Saphyr System in target markets.

Positive

• Nasdaq granted a 180-day extension for compliance with the $1.00 bid price requirement.
• The company meets other listing standards, ensuring continued trading on Nasdaq.
• Management is proactively considering a reverse stock split to regain compliance.

Negative

• The company's stock has not met the minimum $1.00 bid price requirement for 30 consecutive business days.
• Failure to regain compliance could lead to delisting from Nasdaq.

SAN DIEGO, Dec. 30, 2020 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO), announced today that Nasdaq has granted the Company an additional 180-day compliance period, or until June 28, 2021, to regain compliance with Nasdaq’s minimum $1.00 closing bid price per share requirement.

Nasdaq's determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the bid price requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.

In a letter dated April 22, 2020, Nasdaq had notified the Company that, based on the previous 30 consecutive business days, the Company’s common stock no longer met the minimum $1.00 closing bid price per share requirement. Therefore, in accordance with Nasdaq’s Listing Rules, the Company was initially provided 180 calendar days, or until December 16, 2019, to regain compliance.

If at any time during this additional compliance period the closing bid price of the Company's common stock is at least $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and the matter will be closed.

This notification from Nasdaq has no immediate effect on the listing or trading of the Company's common stock, which will continue to trade on the Nasdaq Capital Market under the symbol “BNGO.”

Erik Holmlin, PhD, CEO of Bionano Genomics commented: “We are pleased that Nasdaq granted our request for an extension. We have been making steady progress with our business and this extension gives us extra time to regain compliance as we continue to advance the Saphyr System in our target markets of discovery research and Cytogenomics.”

About Bionano Genomics
Bionano is a genome analysis company providing tools and services based on its Saphyr system to scientists and clinicians conducting genetic research and patient testing, and providing diagnostic testing for those with autism spectrum disorder (ASD) and other neurodevelopmental disabilities through its Lineagen business. Bionano’s Saphyr system is a platform for ultra-sensitive and ultra-specific structural variation detection that enables researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets and to streamline the study of changes in chromosomes, which is known as cytogenetics. The Saphyr system is comprised of an instrument, chip consumables, reagents and a suite of data analysis tools, and genome analysis services to provide access to data generated by the Saphyr system for researchers who prefer not to adopt the Saphyr system in their labs. Lineagen has been providing genetic testing services to families and their healthcare providers for over nine years and has performed over 65,000 tests for those with neurodevelopmental concerns. For more information, visit www.bionanogenomics.com or www.lineagen.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) convey uncertainty of future events or outcomes and are intended to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: our ability to regain compliance with the minimum closing bid price requirement and the advancement of our commercialization efforts. Each of these forward-looking statements involves risks and uncertainties. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include the risks and uncertainties associated with: the impact of the COVID-19 pandemic on our business and the global economy; general market conditions; changes in the competitive landscape and the introduction of competitive products; changes in our strategic and commercial plans; our ability to obtain sufficient financing to fund our strategic plans and commercialization efforts; the loss of key members of management and our commercial team; and the risks and uncertainties associated with our business and financial condition in general, including the risks and uncertainties described in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2019 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

CONTACTS
Company Contact:
Erik Holmlin, CEO
Bionano Genomics, Inc.
+1 (858) 888-7610
eholmlin@bionanogenomics.com

Investor Relations Contact:
Ashley R. Robinson
LifeSci Advisors, LLC
+1 (617) 430-7577
arr@lifesciadvisors.com

Media Contact:
Darren Opland, PhD
LifeSci Communications
+1 (617) 733-7668
darren@lifescicomms.com

FAQ

What is the current status of Bionano Genomics' compliance with Nasdaq requirements?

Bionano Genomics has received an additional 180 days to comply with Nasdaq's $1.00 minimum bid price requirement.

What action is Bionano Genomics planning to regain compliance with Nasdaq?

The company is considering a reverse stock split if necessary to meet the bid price requirement.

When is the new compliance deadline for Bionano Genomics?

The new deadline for Bionano Genomics to regain compliance is June 28, 2021.

What are the implications of Nasdaq's notification for Bionano Genomics?

The notification allows the company to continue trading while it works to regain compliance.

How long has Bionano Genomics' stock been below the $1.00 bid price?

The stock has been below the $1.00 bid price for 30 consecutive business days.