Ginkgo's Class A Common Stock continues to
trade on the NYSE
BOSTON, May 13, 2024
/PRNewswire/ -- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, "Ginkgo"
or the "Company"), which is building the leading platform for cell
programming and biosecurity, today announced that it received a
notice on May 7, 2024 from the New
York Stock Exchange ("NYSE") informing the Company that it is not
in compliance with Section 802.01C of the NYSE Listed Company
Manual because the average closing price of the Company's Class A
common stock was less than $1 per
share over a consecutive 30 trading-day period. The notice does not
result in the immediate delisting of the Company's Class A common
stock from the NYSE.
In accordance with applicable NYSE rules, the Company will
notify the NYSE of its intent to regain compliance with applicable
NYSE continued listing standards within 10 business days of
receiving the notification. NYSE rules give Ginkgo a six-month
period to regain compliance with the minimum price criteria. The
Company intends to regain compliance with NYSE's continued listing
standards and is considering all available options to do so.
Receipt of the NYSE notice does not affect Ginkgo's business
operations. The Company's Class A common stock will continue to be
listed and trade on the NYSE during the six-month cure period under
the trading symbol "DNA", but will have an added designation of
".BC" to indicate that the Company is not currently in compliance
with the NYSE's continued listing requirements.
About Ginkgo Bioworks
Ginkgo Bioworks is the leading
horizontal platform for cell programming, providing flexible,
end-to-end services that solve challenges for organizations across
diverse markets, from food and agriculture to pharmaceuticals to
industrial and specialty chemicals. Ginkgo Biosecurity is building
and deploying the next-generation infrastructure and technologies
that global leaders need to predict, detect, and respond to a wide
variety of biological threats. For more information, visit
ginkgobioworks.com and ginkgobiosecurity.com, read our blog, or
follow us on social media channels such as X (@Ginkgo and
@Ginkgo_Biosec), Instagram (@GinkgoBioworks), Threads
(@GinkgoBioworks) or LinkedIn.
Forward-Looking Statements of Ginkgo
Bioworks
This press release contains certain
forward-looking statements within the meaning of the federal
securities laws, including the Company's ability to regain
compliance with the continued listing standards of the NYSE within
the applicable cure period, the Company's ability to continue to
comply with applicable listing standards of the NYSE, and any
potential plans of the Company to cure the stock price deficiency.
These forward-looking statements generally are identified by the
words "believe," "can," "project," "potential," "expect,"
"anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) our ability to regain
compliance with the continued listing standards of the NYSE within
the applicable cure period, (ii) our ability to continue to comply
with applicable listing standards of the NYSE, (iii) volatility in
the price of the Company's securities due to a variety of factors,
including changes in the competitive and highly regulated
industries in which the Company operates and plans to operate,
variations in performance across competitors, and changes in laws
and regulations affecting the Company's business, (iv) the ability
to implement business plans, forecasts, and other expectations, and
to identify and realize additional business opportunities, (v) the
risk of downturns in demand for products using synthetic biology,
(vi) the uncertainty regarding the demand for passive monitoring
programs and biosecurity services, (vii) changes to the biosecurity
industry, including due to advancements in technology, emerging
competition and evolution in industry demands, standards and
regulations, (viii) the outcome of any pending or potential legal
proceedings against the Company, (ix) our ability to realize the
expected benefits from and the success of our Foundry platform
programs, (x) our ability to successfully develop engineered cells,
bioprocesses, data packages or other deliverables, and (xi) the
product development or commercialization success of our customers.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the "Risk Factors" section of the
Company's annual report on Form 10-K filed with the U.S. Securities
and Exchange Commission (the "SEC") on February 29, 2024, the Company's most recent
quarterly report on Form 10-Q, and other documents filed by the
Company from time to time with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and the Company
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. The Company does not give any
assurance that it will achieve its expectations.
Ginkgo Bioworks Contacts:
INVESTOR CONTACT:
investors@ginkgobioworks.com
MEDIA CONTACT:
press@ginkgobioworks.com
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SOURCE Ginkgo Bioworks