Applied DNA Sciences Regains Compliance with Nasdaq Listing Standards
November 25 2019 - 1:17PM
Business Wire
Applied DNA Sciences, Inc. (NASDAQ: APDN) (“Applied DNA”) or
(the “Company”), a leader in Polymerase Chain Reaction (PCR)-based
DNA manufacturing for product authenticity, traceability solutions
and nucleic acid-based biotherapeutic research, today announced
that it has received notification from Nasdaq that the Company has
regained compliance with Nasdaq’s minimum bid price and
stockholders’ equity rules and met the requirements of the Nasdaq
Hearing Panel decision dated October 1, 2019, which requires that
the Company evidence compliance with all applicable criteria for
continued listing on or before December 31, 2019. Accordingly, the
Company’s common stock will continue to be listed on The Nasdaq
Capital Market and Nasdaq considers the matter closed.
Specifically, the Company regained compliance with the minimum
bid price requirement of $1.00 per share for continued listing on
the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule
5550(a)(2) (the “Bid Price Requirement”) and the minimum $2.5
million stockholders’ equity, or $35 million market value of listed
securities, or $500,000 of net income from continuing operations
requirements for The NASDAQ Capital Market set forth in Listing
Rules 5550(b).
Dr. James A. Hayward, president and CEO of Applied DNA, stated,
“We are grateful to our investors for their patience and support
while the management team and board of directors worked to regain
compliance. With this matter now resolved, we remain focused on
driving growth to create value for shareholders.”
About Applied DNA Sciences
Applied DNA is a provider of molecular technologies that enable
supply chain security, anti-counterfeiting and anti-theft
technology, product genotyping, and pre-clinical nucleic acid-based
therapeutic drug candidates.
Applied DNA makes life real and safe by providing innovative,
molecular-based technology solutions and services that can help
protect products, brands, entire supply chains, and intellectual
property of companies, governments and consumers from theft,
counterfeiting, fraud and diversion.
Visit adnas.com for more information. Follow us on Twitter and
LinkedIn. Join our mailing list.
Common stock listed on NASDAQ under the symbol APDN.
Forward-Looking Statements
The statements made by Applied DNA in this press release may be
“forward-looking” in nature within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements describe Applied DNA’s future plans, projections,
strategies and expectations, and are based on assumptions and
involve a number of risks and uncertainties, many of which are
beyond the control of Applied DNA. Actual results could differ
materially from those projected due to the substantial doubt
relating to Applied DNA’s ability to continue as a going concern,
our ability to successfully enter into commercial contracts for the
implementation of our CertainT® platform, the possibility of
failure to make timely payment on its outstanding secured
convertible notes and resulting enforcement by noteholders of
remedies on collateral which includes substantially all of Applied
DNA’s assets, the Company’s history of net losses, limited
financial resources, limited market acceptance, the uncertainties
inherent in research and development, future clinical data and
analysis, including whether any of Applied DNA’s product candidates
will advance further in the preclinical research or clinical trial
process, and various other factors detailed from time to time in
Applied DNA’s SEC reports and filings, including our Annual Report
on Form 10-K filed on December 18, 2018, as amended, and our
subsequent quarterly reports on Form 10-Q filed on February 7,
2019, May 9, 2019 and August 13, 2019, and other reports we file
with the SEC, which are available at www.sec.gov. Applied DNA
undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances
after the date hereof to reflect the occurrence of unanticipated
events, unless otherwise required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20191125005702/en/
Investor contact: Sanjay M. Hurry, LHA Investor
Relations, 212-838-3777, shurry@lhai.com web:
www.adnas.com twitter: @APDN
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