AquaBounty Technologies Faces Potential Delisting from Nasdaq Capital Market

AquaBounty Technologies, Inc. (NASDAQ: AQB) recently disclosed in a Form 8-K filing with the Securities and Exchange Commission that it received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC on January 15, 2024. The notice highlighted that for 32 consecutive business days, the closing bid price of AquaBounty’s common stock had fallen below the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Capital Market.

The company clarified that the notice does not have an immediate impact on its listing on the Nasdaq Capital Market or the trading of its common stock, which continues under the symbol “AQB.” AquaBounty Technologies has until July 15, 2025, a compliance period of 180 calendar days, to rectify the minimum bid price deficiency. During this period, the closing bid price of the common stock must be at least $1.00 per share for a minimum of ten consecutive business days as per Nasdaq Listing Rule 5810(c)(3)(A).

Failing to regain compliance by the specified deadline could lead to AquaBounty being eligible for an additional 180-calendar day compliance period. To qualify for this extension, the company must meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards on the Nasdaq Capital Market, except for the bid price requirement. Additionally, AquaBounty would need to submit written notice of its intent to cure the minimum bid price deficiency, potentially through a reverse stock split if deemed necessary.

If AquaBounty Technologies does not receive approval for the additional extension, Nasdaq would provide written notification of the potential delisting of the securities. In such a scenario, the company would have the opportunity to appeal the delisting determination to a Nasdaq hearings panel.

AquaBounty Technologies stated its intention to closely monitor the closing bid price of its common stock and explore appropriate actions to regain compliance with the minimum bid price requirement. However, the company also noted the uncertainties involved in this process and the possibility that it may not achieve compliance within the stipulated timeframe.

Readers are cautioned that forward-looking statements in the Form 8-K filing, which discuss the company’s plans to address the listing standards of Nasdaq, are subject to risks, uncertainties, and other factors that could materially affect actual outcomes. AquaBounty Technologies advised that the risk factors affecting these statements are detailed in its filings with the Securities and Exchange Commission. The company confirmed that the information provided is current and undertakes no obligation to update the forward-looking statements in the Form 8-K filing based on future events or information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read AquaBounty Technologies’s 8K filing here.

AquaBounty Technologies Company Profile

AquaBounty Technologies, Inc, a biotechnology company, operates in the aquaculture industry in the United States and Canada. The company engages in genetic, genomic, and fish health and nutrition research activities. It also operates salmon farms using proprietary technology. In addition, the company offers AquAdvantage Salmon, a genetically engineered Atlantic salmon for human consumption; and sells conventional Atlantic salmon, salmon eggs, fry, and byproducts.