LI High Tech Company Gets More Time to Comply with Nasdaq

Applied DNA has been given until the end of the year to comply with Nasdaq listing requirements.

Print Email

Applied DNA Sciences uses DNA to mark and track raw materials and products.

Photo by: Applied DNA Sciences

Applied DNA Sciences, a maker of DNA used to authenticate materials, has been given more time to meet Nasdaq listing requirements.

The Stony Brook-based company said that the Nasdaq Hearings Panel granted the company’s request for an extension through December 31, 2019, to comply with listing requirements. Those include  the minimum $1.00 bid price and $2.5 million stockholders’ equity requirements.

Shares ended trading Thursday at about 23 cents and a roughly $9.9 million market capitalization, according to Yahoo! Finance.

“We are appreciative of the Nasdaq Hearings Panel’s decision to grant us our requested extension,” CEO James Hayward said. “The management team and Board of Directors place the highest priority on our continued listing.”

He said that  he would like to “assure all stakeholders that we continue to work diligently on executing on our compliance plan,” although the company said  “there can be no assurance” it will do so within the allotted time period.