Business Context and Reporting Period
This Form 8-K Current Report was filed by Bionano Genomics, Inc. on August 22, 2019, covering events occurring on August 16, 2019, and August 21, 2019. The Company is an emerging growth company incorporated in Delaware with its principal executive offices in San Diego, California. Its common stock (BNGO) and warrants (BNGOW) are listed on The Nasdaq Stock Market, LLC.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, or debt figures. However, it references the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, noting that the stockholders' equity reported therein failed to meet Nasdaq Capital Market continued listing requirements under Rule 5550(b)(1).
Material Changes
- Delisting Notice: On August 16, 2019, the Company received notice from Nasdaq that its stockholders' equity did not satisfy the continued listing rule.
- Board Departure: On August 21, 2019, Darren Cai, Ph.D., resigned from the Company's Board of Directors, effective immediately.
Outlook, Risks, and Management Commentary
The Company has 45 calendar days from the date of the Nasdaq notice to submit a plan to regain compliance. If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days to provide evidence of compliance. Management anticipates submitting a plan timely but states there can be no assurance that compliance will be regained. If the plan is not accepted or an extension is not granted, the Company will consider appropriate actions, which may include appeals to a Nasdaq Hearings Panel.
Investor Verification Checklist
- Verify the specific stockholders' equity value reported in the Form 10-Q for the quarter ended June 30, 2019.
- Monitor the submission of the compliance plan to Nasdaq within the 45-day window.
- Confirm whether the resignation of Dr. Darren Cai impacts the composition or quorum of the Board of Directors.
- Review any subsequent filings regarding the acceptance of the compliance plan or the outcome of potential appeals.