Genetic Technologies Regains Compliance with Nasdaq Stockholders Equity Requirement

Rhea-AI Summary

Genetic Technologies Limited (NASDAQ: GENE) announced it has met the Nasdaq minimum stockholders' equity requirement of $2.5 million, as confirmed by the Listing Qualifications Department. The company raised $16.37 million since April 2020 through offerings of American Depositary Shares, resulting in US GAAP stockholders' equity exceeding $2.5 million as of August 28, 2020. Consequently, GENE's shares will continue listing on The Nasdaq Capital Market.

Positive

• Raised $16.37 million since April 2020 through share offerings.
• Achieved compliance with Nasdaq's equity requirement.

Negative

• None.

MELBOURNE, Australia, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the “Company”), a leader in the development of genetic risk assessment tests, is pleased to announce that it received notification from the Listing Qualifications Department of the Nasdaq Stock Market indicating that the Company has met the minimum stockholders equity requirement set forth in Listing Rule 5550(b)(1).

Nasdaq has determined that the Company complies with Listing Rule 5550(b)(1), which requires a stockholders’ equity of $2.5 million. Since April 2020, Genetic Technologies has raised an aggregate of $16.37 million through offerings of its American Depositary Shares, and as a result, as of August 28, 2020, it has US GAAP stockholders’ equity in excess of $2.5 million.

Accordingly, the Company's American Depositary Shares will continue to be listed on The Nasdaq Capital Market and Nasdaq considers the matter closed.

About Genetic Technologies Limited

Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class.

Genetic Technologies has capacity for Covid-19 testing and is developing a pipeline of risk assessment products.

For more information, please visit www.gtglabs.com.

Forward-Looking Statements

This press release may contain forward-looking statements about the Company’s expectations, beliefs or intentions regarding, among other things, statements regarding the offering, the expected gross proceeds and the expected closing of the offering. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company’s authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company’s actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company’s filings with the Securities and Exchange Commission and in its periodic filings in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control.  The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations and Media (US)
Dave Gentry, CEO
RedChip Companies
Office: 1 800 RED CHIP (733 2447)
Cell: US 407 491 4498
dave@redchip.com 

 

FAQ

What is the recent news about Genetic Technologies Limited (GENE)?

Genetic Technologies Limited has met Nasdaq's minimum stockholders' equity requirement, allowing it to continue listing its American Depositary Shares.

How much capital has Genetic Technologies raised recently?

The company raised an aggregate of $16.37 million through American Depositary Share offerings since April 2020.

When did Genetic Technologies meet the Nasdaq equity requirement?

Genetic Technologies met the Nasdaq equity requirement by August 28, 2020.