AnPac Bio-Medical Science Co Ltd (NASDAQ: ANPC) recently announced that the Nasdaq 100 (NDX-INDEX) issued it with a notice specifying that the company had not attained the stock’s listing regulations. The notice indicated that the company did not conform to the regulation that requires the trading companies to possess a share worth $1.00 each. Anpac also disclosed that it had failed to match the bid price regulation on various stock listings from January 24, 2022, to March 7, 2022. Nasdaq further reiterated that the notice only identified the company’s deficiency and not a warning of delisting its stocks. Therefore, its loss doesn’t seriously impact the stock market.
The company has 180 business days to comply with the listing
The notice indicated that the company was in breach of Listing Rule 5810(c)(3)(A), thus issuing it with an allowance of 180 business days to recover compliance with the Stock’s Listing regulations. Some of the company’s mandates included; the number of the company’s securities to trade at $ 1.00 per share for ten successive days and others.
If the company does not fulfill its obligations as per the notice by September 5, 2022, it might receive extra time or delist from the stock. Besides the regulations stipulated in the notice, The notice mandates the company to retain a minimum market value of at least $50 million, which it is struggling to maintain.
Anpac failed to adhere to order to comply with regulations
The stock issued the company with a grace period until March 3, 2022, to rectify its breach of regulations. However, Anpac failed to adhere to other regulations, including publicly held shares below the required standard of $15 million, thus gaining leeway until July 18, 2022. As a result, the leeway issued by the Nasdaq Stock market is only dependent on the lack of the company’s obligations and breaches.
The company has developed various advancements in the biotechnology industry, focusing on creating alternative cancer treatments. Anpac, possess a minimum of 150 patents that allows it to detect and screen for cancer while in its early stages. The company also possesses accredited clinical laboratories in China.