Zhengye Biotechnology receives nasdaq deficiency notice

Zhengye Biotechnology Holding Limited (NASDAQ: ZYBT) received a notification from Nasdaq on May 29 stating the company does not meet the minimum bid price requirement for continued listing.

The veterinary vaccine manufacturer's shares failed to maintain the required $1.00 minimum bid price for 30 consecutive business days from April 16 to May 28, according to the notification letter. Nasdaq Listing Rule 5550(a)(2) mandates listed securities maintain this minimum threshold.

The notification does not immediately impact the company's listing on the Nasdaq Capital Market. Zhengye has 180 calendar days until November 25 to regain compliance by achieving a closing bid price of at least $1.00 for 10 consecutive business days.

The company stated its business operations remain unaffected by the notification. Zhengye said it is monitoring its share price and may consider available options, including a potential reverse share split, to meet the listing requirements.

If the company fails to regain compliance by the November deadline, it may qualify for additional time or face potential delisting from the exchange.

Based in Jilin, China, Zhengye develops and manufactures veterinary vaccines primarily for livestock through its operating subsidiary Jilin Zhengye Biological Products Co., Ltd. The company produces 50 veterinary vaccines for various animals and operates in 29 Chinese provinces while exporting to Vietnam, Pakistan and Egypt.

You May Also Be Interested In

• Faraday Future signs robotics distributor deal, plans partner event
• Silexion Therapeutics faces Nasdaq delisting over equity shortfall
• Vireo Growth completes acquisition of C21 Investments