Ocugen Granted 180-Day Extension by Nasdaq to Regain Compliance with Bid Price Rule
September 08 2020 - 3:26PM
Ocugen, Inc. (“Ocugen” or the “Company”) (NASDAQ: OCGN), a
biopharmaceutical company focused on discovering, developing, and
commercializing transformative therapies to cure blindness
diseases, today announced that the Company received a letter from
the Listing Qualification Department of The NASDAQ Capital Market
(“Nasdaq”) notifying that Ocugen has been granted an additional
180-day compliance period or until March 8, 2021, to regain
compliance with the minimum $1.00 bid price per share requirement
of Nasdaq’s Marketplace Rule 5550(a)(2) (the “Rule”).
If at any time until March 8, 2021, the bid price of the
Company's common stock closes at $1.00 per share or more for a
minimum of 10 consecutive business days, the Company will regain
compliance with the Rule, and the matter will be closed. The letter
indicated that the Company did not regain compliance during the
initial 180-day grace period provided under the rule. In accordance
with NASDAQ Marketplace Rule 5810(c)(3)(A), Nasdaq staff determined
that the Company was eligible for an additional 180-day period to
regain compliance based on the Company meeting the continued
listing requirement for the market value of publicly held shares
and all other applicable requirements for initial listing on the
Nasdaq Capital Market with the exception of the bid price
requirement, and the Company having provided written notice of its
intention to cure the deficiency during the second compliance
period, including by effecting a reverse stock split, if
necessary.
If the Company does not meet the minimum bid requirement during
the additional 180-day grace period, Nasdaq will provide written
notification to the Company that its shares will be subject to
delisting. At such time, the Company may appeal the delisting
determination to a Nasdaq Hearings Panel. The Company would remain
listed pending the Panel's decision. There can be no assurance that
if the Company does appeal a subsequent delisting determination,
that such appeal would be successful.
This current notification from Nasdaq has no immediate effect on
the listing or trading of the Company's shares, which will continue
to trade on the Nasdaq Capital Market under the symbol “OCGN”.
About Ocugen, Inc. Ocugen, Inc. is a
biopharmaceutical company focused on discovering, developing, and
commercializing transformative therapies to cure blindness
diseases. Our breakthrough modifier gene therapy platform has the
potential to treat multiple retinal diseases with one drug – “one
to many” and our novel biologic product candidate aims to offer
better therapy to patients with underserved diseases such as wet
age-related macular degeneration, diabetic macular edema, and
diabetic retinopathy. For more information, please visit
www.ocugen.com.
Cautionary Note on Forward-Looking
StatementsThis press release contains forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995, which are subject to risks and uncertainties.
We may, in some cases, use terms such as “predicts,” “believes,”
“potential,” “proposed,” “continue,” “estimates,” “anticipates,”
“expects,” “plans,” “intends,” “may,” “could,” “might,” “will,”
“should” or other words that convey uncertainty of future events or
outcomes to identify these forward-looking statements. Such
statements are subject to numerous important factors, risks and
uncertainties that may cause actual events or results to differ
materially from our current expectations. These and other risks and
uncertainties are more fully described in our periodic filings with
the Securities and Exchange Commission (the “SEC”), including the
risk factors described in the section entitled “Risk Factors” in
the quarterly and annual reports that we file with the SEC. Any
forward-looking statements that we make in this press release speak
only as of the date of this press release. Except as required by
law, we assume no obligation to update forward-looking statements
contained in this press release whether as a result of new
information, future events or otherwise, after the date of this
press release.
Corporate Contact:Ocugen, Inc.Sanjay
SubramanianChief Financial Officer ir@ocugen.com Media
Contact:LaVoieHealthScienceEmmie
Twomblyetwombly@lavoiehealthscience.com+1 857-389-6042
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