Interpace Biosciences (IDXG) Announces Impending Delisting from Nasdaq
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Interpace Biosciences, Inc. (NASDAQ: IDXG) (“Interpace” or the “Company”), a leader in enabling personalized medicine, today announced that on February 16, 2020 it had received notification from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Staff has determined to delist the Company’s securities from Nasdaq. This determination was due to the Company’s extended period of non-compliance with the minimum $2,500,000 stockholders’ equity requirement for continued listing set forth in listing Rule 5550(b) and the Company’s failure to timely execute on its plan to comply. Unless the Company requests an appeal of this determination, trading of the Company’s common stock will be suspended at the opening of business on February 25, 2021. The Company has applied to have its common stock qualified to trade on the OTCQX® Best Market (“OTCQX”).
The Staff reached its decision to delist the Company’s common stock based upon the Company’s continued non-compliance with Nasdaq Listing Rules as follows:
On October 21, 2020, Staff notified the Company that it did not comply with the minimum $2,500,000 stockholders’ equity requirement for continued listing set forth in Nasdaq Listing Rule 5550(b) (the “Rule”). According to the Form 10-Q for the period ended June 30, 2020 (the “Form 10-Q”), the Company’s stockholders’ equity was $1,693,000. In addition, the Company did not meet any of the alternatives under the Rule.
Up until the filing of the Form 10-Q for the period ended June 30, 2020, the Company reported a compliant stockholders’ equity number in its periodic reports. However, on January 19, 2021, the Company filed the Forms 10-Q/A for the periods ended March 31, 2020 and June 30, 2020 and Form 10-K/A for the fiscal year ended December 31, 2019. According to the amended filings, the Company reported stockholders’ deficit of approximately ($10.9) million and ($16.1) million for the periods ended March 31, 2020 and June 30, 2020 respectively. Additionally, the Company reported stockholders’ deficit of approximately ($4.5) million for the fiscal year ended December 31, 2019. As a result, Nasdaq determined that the Company has failed to comply with the continued listing requirements for approximately one year.
The Company submitted a plan of compliance to regain compliance with the Rule but was not in a position to complete execution of such plan by February 15, 2021.
The Company is determining whether to appeal the determination. In the absence of such appeal trading of the Company’s common stock on NASDAQ will be suspended at the opening of business on February 25, 2021, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on Nasdaq.
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