Business Context and Reporting Period
This Form 8-K filing by Bionano Genomics, Inc. (BNGO) is dated April 22, 2020. The report addresses a regulatory notice received from The Nasdaq Stock Market LLC regarding the company's compliance with listing standards.
Key Financial Metrics
The filing does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on stock price compliance issues.
Material Changes and Listing Status
On April 22, 2020, the Company received a Notice from Nasdaq stating that its common stock closed below the $1.00 per share minimum bid price requirement for 30 consecutive trading days. This triggers a potential delisting risk under Nasdaq Listing Rule 5550(a)(2). However, the stock continues to trade on The Nasdaq Capital Market under the symbol "BNGO" at this time.
Outlook, Risks, and Management Commentary
- Compliance Timeline: The Company has 180 calendar days to regain compliance. Due to extraordinary market conditions, Nasdaq has tolled the compliance period through June 30, 2020, extending the deadline to December 28, 2020.
- Regaining Compliance: The Company must maintain a closing bid price of at least $1.00 for 10 consecutive business days during the Tolling or Compliance Period to avoid delisting.
- Additional Grace Period: If the Company fails to comply by the end of the Compliance Period but meets other listing standards (such as market value of publicly held shares), it may be granted an additional 180-day Additional Compliance Period.
- Delisting Risk: Failure to regain compliance by the end of the Compliance Period or Additional Compliance Period will result in the delisting of the Company's common stock.
- Management Action: Management intends to monitor the stock price and may consider implementing available options to regain compliance.
Investor Verification Checklist
- Verify the current closing bid price of BNGO stock relative to the $1.00 threshold.
- Monitor the stock price for 10 consecutive business days to determine if compliance is achieved.
- Review future filings for any announcements regarding reverse stock splits or other capital structure changes intended to address the price deficiency.
- Confirm the Company's status regarding the market value of publicly held shares requirement, which is a condition for receiving an Additional Compliance Period.