Evogene Regains Compliance with Nasdaq Minimum Closing Bid Price Rule

Rhea-AI Summary

On August 25, 2022, Evogene Ltd. (Nasdaq: EVGN) announced it has regained compliance with Nasdaq Listing Rule 5450(a)(1), which mandates a minimum bid price of $1.00 per share. This decision followed a period of ten consecutive business days where the company’s ordinary shares closed at or above the required bid price. With this compliance, the previous bid price deficiency has been resolved, allowing Evogene to continue its operations without the risk of delisting from Nasdaq.

Positive

• Regained compliance with Nasdaq Listing Rule 5450(a)(1) after meeting the minimum bid price requirement.
• Shares closed at or above $1.00 for ten consecutive business days, indicating stability.

Negative

• None.

REHOVOT, Israel  , Aug. 25, 2022 /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 5450(a)(1), 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 5450(a)(1) and Nasdaq considers the prior bid price deficiency matter now closed.

About Evogene Ltd.:

Evogene (Nasdaq: EVGN, TASE: EVGN) is a computational biology company aiming to revolutionize the development of life-science based products by utilizing cutting edge technologies to increase probability of success while reducing development time and cost. Evogene established three unique technological engines - MicroBoost AI, ChemPass AI and GeneRator AI – leveraging Big Data and Artificial Intelligence and incorporating deep multidisciplinary understanding in life sciences. Each technological 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 technological engines to develop products through subsidiaries and with strategic partners. Currently, Evogene's main subsidiaries utilize the technological engines to develop human microbiome-based therapeutics by Biomica Ltd., medical cannabis products by Canonic Ltd., ag-chemicals by Ag Plenus Ltd. and ag-biologicals by Lavie Bio Ltd.  For more information, please visit: www.evogene.com.

Evogene Investor Contact:
Kenny Green Email: evogene@gkir.com Tel: +1 212 378 8040

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SOURCE Evogene

FAQ

What is the significance of Evogene regaining compliance with Nasdaq Listing Rule 5450(a)(1)?

Regaining compliance indicates that Evogene's shares have maintained a minimum bid price of $1.00, allowing the company to avoid delisting from Nasdaq.

When did Evogene regain compliance with Nasdaq?

Evogene regained compliance on August 25, 2022, after shares met the minimum bid price for ten consecutive business days.

What does the compliance with Nasdaq Listing Rule 5450(a)(1) mean for Evogene's shareholders?

It means that Evogene's shares are eligible to remain listed on Nasdaq, which can enhance investor confidence.

What is Evogene Ltd. known for?

Evogene is a computational biology company focused on revolutionizing life-science product development using advanced technologies.