Evogene Regains Compliance with Nasdaq Minimum Closing Bid Price Rule

Rhea-AI Summary

Evogene (Nasdaq: EVGN) has successfully regained compliance with Nasdaq's minimum closing bid price rule. The company received formal notification from Nasdaq that it has met the requirement of maintaining a minimum bid price of $1.00 per share for its ordinary shares. This compliance was achieved after Evogene's closing bid price remained at or above $1.00 for 10 consecutive business days. As a result, Nasdaq has closed the prior bid price deficiency matter, and Evogene is now fully compliant with Listing Rule 5550(a)(2).

Positive

• Regained compliance with Nasdaq's minimum bid price requirement
• Avoided potential delisting from Nasdaq

Negative

• None.

REHOVOT, Israel, Aug. 12, 2024 /PRNewswire/ -- Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN) (the "Company", "Evogene"), a leading computational biology company targeting to revolutionize life-science product discovery and development across multiple market segments, today reported the receipt of a formal notification from The Nasdaq Stock Market LLC ("Nasdaq") that the Company has regained compliance with Listing Rule 5550(a)(2), which requires the Company's ordinary shares to maintain a minimum bid price of $1.00 per share.

The Nasdaq staff made this determination of compliance after the closing bid price of the Company's ordinary shares was at $1.00 per share or greater for the prior 10 consecutive business days. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter now closed.

About Evogene Ltd.:

Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN) is a computational biology company leveraging big data and artificial intelligence, aiming to revolutionize the development of life-science-based products by utilizing cutting-edge technologies to increase the probability of success while reducing development time and cost.

Evogene established three unique tech-engines - MicroBoost AI, ChemPass AI and GeneRator AI. Each tech-engine is focused on the discovery and development of products based on one of the following core components: microbes (MicroBoost AI), small molecules (ChemPass AI), and genetic elements (GeneRator AI).

Evogene uses its tech-engines to develop products through strategic partnerships and collaborations, and its five subsidiaries including:

1. Biomica Ltd. (www.biomicamed.com) developing and advancing novel microbiome-based therapeutics to treat human disorders powered by MicroBoost AI;
2. Lavie Bio Ltd. (www.lavie-bio.com) - developing and commercially advancing, microbiome based ag-biologicals powered by MicroBoost AI;
3. AgPlenus Ltd. (www.agplenus.com) -developing next generation ag chemicals for effective and sustainable crop protection powered by ChemPass AI;
4. Casterra Ag Ltd. (www.casterra.co)– developing and marketing superior castor seed varieties producing high yield and high-grade oil content, on an industrial scale for the biofuel and other industries powered by GeneRator AI.

For more information, please visit: www.evogene.com.

Evogene Investor Contact:
Rachel Pomerantz Gerber Head of Investor Relations at Evogene rachel.pomerantz@evogene.com  Tel: +972-8-9311901

View original content:https://www.prnewswire.com/news-releases/evogene-regains-compliance-with-nasdaq-minimum-closing-bid-price-rule-302219815.html

SOURCE Evogene

FAQ

What Nasdaq rule did Evogene (EVGN) regain compliance with?

Evogene regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires a company's ordinary shares to maintain a minimum bid price of $1.00 per share.

How long did Evogene (EVGN) need to maintain a $1.00 bid price to regain Nasdaq compliance?

Evogene needed to maintain a closing bid price of $1.00 or greater for 10 consecutive business days to regain compliance with Nasdaq's minimum bid price rule.

What was the outcome of Evogene's (EVGN) compliance with Nasdaq's minimum bid price rule?

Nasdaq has closed the prior bid price deficiency matter for Evogene, considering the company fully compliant with Listing Rule 5550(a)(2).

When did Evogene (EVGN) receive notification of regaining Nasdaq compliance?

Evogene received formal notification from Nasdaq that it had regained compliance on August 12, 2024.