Nasdaq Grants OpGen 180-Day Extension to Meet Minimum Bid Price Requirement
August 31 2022 - 6:30AM
OpGen, Inc. (Nasdaq: OPGN, “OpGen”), a precision medicine company
harnessing the power of molecular diagnostics and informatics to
help combat infectious disease, announced today that it has
received written notification from the Listing Qualification
Department of The NASDAQ Stock Market ("Nasdaq") granting OpGen’s
request for a 180-day extension to regain compliance with Nasdaq's
minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2)
(the "Bid Price Rule").
OpGen now has until February 27, 2023 to regain
compliance with the Bid Price Rule. Nasdaq's extension notice has
no immediate effect on the continued listing status of OpGen’s
common stock, which remains listed on The NASDAQ Capital
Market.
If at any time until February 27, 2023, the bid price for
OpGen’s common stock closes at or above $1.00 per share
for a minimum of ten consecutive trading days, OpGen will regain
compliance with the Bid Price Rule. OpGen will continue to monitor
the bid price for its common stock and consider various available
options if OpGen’s common stock does not trade at a level that is
likely to regain compliance with the Bid Price Rule. There can be
no assurance that OpGen will regain compliance with the Bid Price
Rule or maintain compliance with any of the other Nasdaq continued
listing requirements during this extended compliance period.
About OpGen, Inc.
OpGen, Inc. (Rockville, MD, USA) is a precision medicine company
harnessing the power of molecular diagnostics and bioinformatics to
help combat infectious disease. Along with our subsidiaries,
Curetis GmbH and Ares Genetics GmbH, we are developing and
commercializing molecular microbiology solutions helping to guide
clinicians with more rapid and actionable information about life
threatening infections to improve patient outcomes and decrease the
spread of infections caused by multidrug-resistant microorganisms,
or MDROs. OpGen’s current product portfolio includes Unyvero,
Acuitas AMR Gene Panel, and the ARES Technology Platform including
ARESdb, NGS technology and AI-powered bioinformatics solutions for
antibiotic response prediction including ARESiss, ARESid, and
AREScloud, as well as the Curetis CE-IVD-marked PCR-based
SARS-CoV-2 test kit.For more information, please visit
www.opgen.com.
Forward-Looking Statements
This press release includes statements regarding
Nasdaq’s grant of an additional 180-day period for OpGen to regain
compliance with Nasdaq’s minimum bid price rule. These statements
and other statements regarding OpGen’s future plans and goals
constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and are intended to qualify for the
safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. Such statements are subject to risks
and uncertainties that are often difficult to predict, are beyond
our control, and which may cause results to differ materially from
expectations. Factors that could cause our results to differ
materially from those described include, but are not limited to,
the success of our commercialization efforts, our ability to
successfully, timely and cost-effectively develop, seek and obtain
regulatory clearance for and commercialize our product and services
offerings, the rate of adoption of our products and services by
hospitals and other healthcare providers, the fact that we may not
effectively use proceeds from recent financings, the continued
realization of expected benefits of our business combination
transaction with Curetis GmbH, the continued impact of COVID-19 on
the Company’s operations, financial results, and commercialization
efforts as well as on capital markets and general economic
conditions, our ability to satisfy debt obligations under our loan
with the European Investment Bank, the effect of the military
action in Russia and Ukraine on our distributors, collaborators and
service providers, our liquidity and working capital requirements,
the effect on our business of existing and new regulatory
requirements, and other economic and competitive factors. For a
discussion of the most significant risks and uncertainties
associated with OpGen's business, please review our filings with
the Securities and Exchange Commission. You are cautioned not to
place undue reliance on these forward-looking statements, which are
based on our expectations as of the date of this press release and
speak only as of the date of this press release. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
OpGen:Oliver SchachtPresident and
CEOInvestorRelations@opgen.com
OpGen Press Contact:Matthew
Bretzius FischTank Marketing and PR
matt@fischtankpr.com
OpGen Investor Contact:Alyssa
FactorEdison
Groupafactor@edisongroup.com
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