OpGen Receives Expected Nasdaq Notice Regarding Delayed Form 10-Q
24 Mai 2024 - 10:05PM
OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”) announced
today that it received a notice from The Nasdaq Stock Market LLC
(“Nasdaq”) indicating that the Company was not in compliance with
Nasdaq Listing Rule 5250(c)(1) due to the Company not filing its
Quarterly Report on Form 10-Q for the period ended March 31, 2024
(the “Form 10-Q”), which serves as an additional basis for
delisting the Company’s securities from Nasdaq, and that the Nasdaq
Hearings Panel will consider this matter in connection with the
continued listing of the Company’s securities on Nasdaq. Nasdaq
Listing Rule 5250(c)(1) requires listed companies to timely file
all periodic reports with the Securities and Exchange Commission
(the “SEC”).
The Company previously received written notices
from Nasdaq that it was not in compliance with Nasdaq Listing Rule
5550(a)(2) for failing to maintain a minimum bid price of $1.00 per
share for a 30 consecutive business day period (the “Minimum Bid
Price Rule”) and Nasdaq Listing Rule 5250(c)(1) for failing to
timely file its Annual Report on Form 10-K for the period ended
December 31, 2023 (the “Periodic Filing Rule”). As previously
disclosed, the Company received written notice from Nasdaq that a
Nasdaq Hearings Panel had granted the Company until June 3, 2024 to
regain compliance with the Minimum Bid Price Rule and the Periodic
Filing Rule. The most recent notice provides that the Nasdaq
Hearings Panel will consider the delinquent Form 10-Q in connection
with its prior grant of such additional period to regain
compliance. The Company has been in communication with Nasdaq to
request that the Nasdaq Hearings Panel continue to permit the
Company until June 3, 2024 to regain compliance with the Minimum
Bid Price Rule and file the Company’s Form 10-K and for additional
time to regain compliance with the Periodic Filing Rule.
The notice has no immediate effect on the
listing or trading of the Company’s common stock on Nasdaq. While
the Company can provide no assurance as to timing, the Company is
working diligently to finalize the Form 10-Q and plans to file the
Form 10-Q as soon as practicable to regain compliance with the
Nasdaq Listing Rule.
About OpGen, Inc.
OpGen, Inc. (Rockville, Md., U.S.A.) is a precision medicine
company harnessing the power of molecular diagnostics and
bioinformatics to help combat infectious disease. The Company
distributes molecular microbiology solutions that help guide
clinicians with more rapid and actionable information about life
threatening infections to improve patient outcomes, and decrease
the spread of infections caused by multidrug-resistant
microorganisms, or MDROs.
For more information, please visit www.opgen.com
Forward-Looking Statements
This press release includes statements regarding
a notice of non-compliance received from Nasdaq. These statements
and other statements regarding OpGen’s future plans and goals
constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and are intended to qualify for the
safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. Such statements are subject to risks
and uncertainties that are often difficult to predict, are beyond
our control, and which may cause results to differ materially from
expectations. Factors that could cause our results to differ
materially from those described include, but are not limited to,
our ability to timely complete our financial reporting processes
with the Company’s auditors and file the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2023 and Quarterly
Report on Form 10-Q for the period ended March 31, 2024, the
impacts of other unanticipated delays to the Company’s financial
reporting process or other violations of Nasdaq Listing Rules, our
ability to regain compliance with Nasdaq Listing Rules, our ability
to continue to finance our business and operations, and our
liquidity and working capital requirements. For a discussion of the
most significant risks and uncertainties associated with OpGen's
business, please review our filings with the Securities and
Exchange Commission. You are cautioned not to place undue reliance
on these forward-looking statements, which are based on our
expectations as of the date of this press release and speak only as
of the date of this press release. We undertake no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
OpGen: David E.
LazarCEOInvestorRelations@opgen.com
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