Singular Genomics Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Singular Genomics Systems (Nasdaq: OMIC), a company specializing in next-generation sequencing (NGS) and spatial multiomics technologies, has successfully regained compliance with Nasdaq's minimum bid price requirement. The company had previously received a non-compliance notice on July 17, 2023, as its stock price had fallen below $1.00 for 30 consecutive business days.

To meet the compliance standards, OMIC's closing bid price remained at or above $1.00 for 11 consecutive trading days from June 26 to July 11, 2024. This achievement ensures Singular Genomics' continued listing on the Nasdaq Capital Market, resolving the previous compliance issue.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement
• Maintained closing bid price at or above $1.00 for 11 consecutive trading days
• Secured continued listing on the Nasdaq Capital Market

Negative

• None.

SAN DIEGO, July 15, 2024 (GLOBE NEWSWIRE) -- Singular Genomics Systems, Inc. (Nasdaq: OMIC), a company leveraging novel next-generation sequencing (NGS) and spatial multiomics technologies to empower researchers and clinicians, today announced that it received formal notice from the Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with Nasdaq’s minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market.

As previously disclosed, on July 17, 2023, Singular Genomics received a letter from Nasdaq indicating that the Company was not in compliance with Nasdaq’s listing requirements because the closing bid price per share for the Company’s common stock had closed below $1.00 for the previous 30 consecutive business days.

As determined by Nasdaq, the closing bid price of the Company’s common stock was at $1.00 per share or greater for 11 consecutive days from June 26, 2024 to July 11, 2024. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2), and this matter is now closed.

About Singular Genomics Systems, Inc.

Singular Genomics is a life science technology company that develops next-generation sequencing and multiomics technologies. The commercially available G4^® Sequencing Platform is a powerful, highly versatile benchtop genomic sequencer designed to produce fast and accurate results. In addition, the company is currently developing the G4X™ Spatial Sequencer, which will leverage Singular’s proprietary sequencing technology, applying it as an in situ readout for transcriptomics, proteomics and fluorescent H&E in tissue, with spatial context and on the same platform as the G4. Singular Genomics’ mission is to empower researchers and clinicians to advance science and medicine. Visit www.singulargenomics.com for more information.

Forward-looking Statements

Certain statements contained in this press release, other than historical information, constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements concerning expectations regarding the future continued listing on the Nasdaq Capital Market. In some cases, forward-looking statements can be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “foresees,” “forecasts,” “guidance,” “intends” “goals,” “may,” “might,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “targets,” “will,” “would” or similar expressions and the negatives of those terms. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Further information on these and additional risks that could affect Singular Genomics’ results is included in its filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and future reports that Singular Genomics may file with the SEC from time to time, which could cause actual results to vary from expectations. Any forward-looking statement made by Singular Genomics in this press release speaks only as of the day on which Singular Genomics makes it. Singular Genomics assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.

Investor Contact
Philip Trip Taylor
Gilmartin Group
ir@singulargenomics.com

Media Contact
Matt Browning
pr@singulargenomics.com

FAQ

When did Singular Genomics (OMIC) regain compliance with Nasdaq's minimum bid price requirement?

Singular Genomics (OMIC) regained compliance with Nasdaq's minimum bid price requirement on July 15, 2024, after maintaining a closing bid price of $1.00 or higher for 11 consecutive trading days from June 26 to July 11, 2024.

What was the initial non-compliance issue for Singular Genomics (OMIC) with Nasdaq?

Singular Genomics (OMIC) received a non-compliance notice from Nasdaq on July 17, 2023, because its closing bid price had fallen below $1.00 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).

How long did Singular Genomics (OMIC) need to maintain its stock price above $1.00 to regain compliance?

Singular Genomics (OMIC) needed to maintain its closing bid price at $1.00 or above for at least 10 consecutive business days. The company achieved this by maintaining the required price for 11 consecutive trading days from June 26 to July 11, 2024.

What is Singular Genomics' (OMIC) primary business focus?

Singular Genomics (OMIC) specializes in developing and leveraging novel next-generation sequencing (NGS) and spatial multiomics technologies to empower researchers and clinicians in genomic research and applications.