SAN DIEGO, CA – Bionano Genomics Inc. (NASDAQ:BNGO), a company specializing in laboratory analytical instruments, has received a notice from The Nasdaq Stock Market LLC indicating non-compliance with the exchange's minimum bid price requirement. On Monday, the company's stock had closed below the $1.00 threshold for 30 consecutive trading days, which is the minimum bid price required for continued listing on The Nasdaq Capital Market.
Despite the notice, trading of Bionano Genomics' common stock remains unaffected and continues on The Nasdaq Capital Market under the ticker "BNGO." The notice itself does not impact the listing of the company's common stock at present.
To regain compliance, Bionano Genomics has been granted a 180-day period, ending on January 8, 2025, to meet the Nasdaq's minimum bid price requirement. The company must maintain a closing bid price of at least $1.00 for a minimum of 10 consecutive business days within this timeframe. If Bionano Genomics achieves this, it will regain compliance and the matter will be resolved.
Should the company fail to meet the requirement within the initial 180 days, it may be eligible for an additional 180-day compliance period. To qualify, Bionano Genomics must fulfill the market value of publicly held shares requirement and all other initial listing standards for The Nasdaq Capital Market, except for the Minimum Bid Price Requirement, by January 8, 2025. The company must also express its intention to Nasdaq to remedy the deficiency during the second compliance period.
If Bionano Genomics does not regain compliance within the allotted time or does not qualify for the additional compliance period, its common stock will face delisting from The Nasdaq Capital Market. The company has stated its intention to monitor its stock's closing bid price and may explore options to regain compliance with the Minimum Bid Price Requirement.
In other recent news, Bionano Genomics announced a registered direct offering, resulting in the sale of over 17 million shares, with an expected gross proceed of approximately $10 million. The company also conducted a private placement of clinical milestone-linked Series A and B warrants, potentially bringing in an additional $20 million if fully exercised. Bionano Genomics reported an 18% year-over-year increase in its first-quarter revenue, reaching $8.8 million.
The company also announced a new software marketing agreement with Revvity, Inc. BTIG revised its outlook on Bionano Genomics, reducing the price target to $2.00 from the previous $3.00, while maintaining a Buy rating. In other company news, Bionano Genomics shareholders recently elected three Class III Directors and approved the compensation of the company's named executive officers. These are the recent developments for Bionano Genomics.
InvestingPro Insights
In light of Bionano Genomics' recent challenge with Nasdaq's minimum bid price requirement, a closer look at the company's financial data and stock performance offers additional context for investors. According to InvestingPro data, Bionano Genomics has a market capitalization of $50.14 million and a notably high revenue growth of 26.93% over the last twelve months as of Q1 2024. Despite this growth, the company's operating income margin stands at -344.42%, reflecting significant losses relative to its revenue.
InvestingPro Tips highlight that Bionano Genomics is quickly burning through cash and has not been profitable over the last twelve months. Moreover, analysts do not anticipate the company will be profitable this year. These factors are crucial for investors to consider, especially in light of the company's need to maintain compliance with Nasdaq's listing standards. For those looking to delve deeper into Bionano Genomics' financial health and stock performance, there are additional InvestingPro Tips available. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and discover what other insights might influence your investment decisions.
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