The Nasdaq Stock Market has warned AquaBounty Technologies it could be expelled from the exchange because the price of its common stock sunk below $1.00 per share for the past 30 consecutive business days, but the Maynard, Massachusetts-based firm said it intends to “take any reasonable measures to maintain its Nasdaq listing.”
AquaBounty, known for developing the world’s first genetically modified salmon, has 180 calendar days, or until May 1, 2023, to comply with Nasdaq’s requirement to maintain listing
“If at any time during this 180-day compliance period the closing bid price of the Common Stock is at least $1.00 per share for a minimum of 10 consecutive business days, then Nasdaq will provide AquaBounty with written confirmation of compliance and the matter will be closed,” said David Frank, CFO of AquaBounty told SalmonBusiness.
He said that if AquaBounty share price fails to reach the $1.00 benchmark during that period, it may be eligible for a further 180-day extension subject to certain conditions other than the minimum closing bid price requirement.
Aquabounty’s share price has lost nearly 87 percent in value over the past five years. In a call with analysts on September 15, Frank said that he doesn’t think the market has yet fully valued AquaBounty and its capabilities.
“And part of that is just the uncertainty that the market sees regarding the bond financing. They see it out there, we haven’t achieved it yet, so I think the market is looking at that as a milestone. And as soon as we do complete that, I think the market will give us credit for that,” he said.