NVDA
NVIDIA
-- 139.670 TSLA
Tesla
-- 430.600 AMD
Advanced Micro Devices
-- 124.600 PLTR
Palantir
-- 80.690 RGTI
Rigetti Computing
-- 10.9600 
New 6K
$Genetic Technologies (GENE.US)$ Notice of Delisting from Nasdaq and Failure to Satisfy a Continued Listing Rule or Standard.
Melbourne Australia, December 12, 2024: Genetic Technologies Limited (Administrators Appointed) (ASX: GTG; NASDAQ: GENE) (“Genetic Technologies” or the “Company”) previously announced on November 20, 2024 that Ross Blakeley and Paul Harlond of FTI Consulting had been appointed as Joint and Several Voluntary Administrators (“Administrators”) pursuant to section 436A of the Corporations Act 2001 (Cth), effective immediately.
On December 6, 2024 the Company received written notice (the “Delisting Notice”) from the staff of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, as a result of the appointment of the Voluntary Administrators and after reviewing disclosures and other publicly available information, and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the Staff of Nasdaq had determined that the Company’s securities will be delisted from Nasdaq. Accordingly, trading of the Company’s American Depository Shares (“ADS”) will be suspended at the opening of business on December 17, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission (“SEC”), which will remove the Company’s securities from being listed and registration on the Nasdaq Stock Market.
In the Delisting Notice, the Staff of Nasdaq referenced the Voluntary Administration filing and associated public interest concerns raised by it, concerns regarding the residual equity interest of the existing listed securities holders and concerns about the Company’s ability to sustain compliance with all requirements for continued listing on Nasdaq. Specifically, on October 22, 2024, Staff notified the Company that since its shareholders’ equity as of June 30, 2024, was approximately $1,220,704, and the Company did not meet the alternatives of market value of listed securities or net income from continuing operations, the Company no longer complies with our Listing Rule 5550(b). This deficiency serves as an additional and separate basis for delisting.
The Delisting Notice also indicates that the Company may appeal Nasdaq’s determination pursuant to procedures set forth in Nasdaq Listing Rule 5800 Series. The Company’s Administrators have indicated they do not intend to appeal this determination.
The Company notes that, since October 17, 2024 its ADSs have been suspended from trading as a result of trading halts and suspensions of trading in its ordinary securities on its home exchange, Australian Securities Exchange (“ASX”). The decision by Nasdaq to delist the Company’s ADS does not affect the Company’s listing on ASX.
- END –
Authorised for release by the Administrators.
Melbourne Australia, December 12, 2024: Genetic Technologies Limited (Administrators Appointed) (ASX: GTG; NASDAQ: GENE) (“Genetic Technologies” or the “Company”) previously announced on November 20, 2024 that Ross Blakeley and Paul Harlond of FTI Consulting had been appointed as Joint and Several Voluntary Administrators (“Administrators”) pursuant to section 436A of the Corporations Act 2001 (Cth), effective immediately.
On December 6, 2024 the Company received written notice (the “Delisting Notice”) from the staff of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, as a result of the appointment of the Voluntary Administrators and after reviewing disclosures and other publicly available information, and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the Staff of Nasdaq had determined that the Company’s securities will be delisted from Nasdaq. Accordingly, trading of the Company’s American Depository Shares (“ADS”) will be suspended at the opening of business on December 17, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission (“SEC”), which will remove the Company’s securities from being listed and registration on the Nasdaq Stock Market.
In the Delisting Notice, the Staff of Nasdaq referenced the Voluntary Administration filing and associated public interest concerns raised by it, concerns regarding the residual equity interest of the existing listed securities holders and concerns about the Company’s ability to sustain compliance with all requirements for continued listing on Nasdaq. Specifically, on October 22, 2024, Staff notified the Company that since its shareholders’ equity as of June 30, 2024, was approximately $1,220,704, and the Company did not meet the alternatives of market value of listed securities or net income from continuing operations, the Company no longer complies with our Listing Rule 5550(b). This deficiency serves as an additional and separate basis for delisting.
The Delisting Notice also indicates that the Company may appeal Nasdaq’s determination pursuant to procedures set forth in Nasdaq Listing Rule 5800 Series. The Company’s Administrators have indicated they do not intend to appeal this determination.
The Company notes that, since October 17, 2024 its ADSs have been suspended from trading as a result of trading halts and suspensions of trading in its ordinary securities on its home exchange, Australian Securities Exchange (“ASX”). The decision by Nasdaq to delist the Company’s ADS does not affect the Company’s listing on ASX.
- END –
Authorised for release by the Administrators.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Jaguar8 : Another possible delisting play before Tuesday. Tomorrow or Monday![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
but not delisted on ASX
Trytosaveabit OP Jaguar8 : Very possible! But I really can’t see them not appealing? Can you?
Jaguar8 Trytosaveabit OP : Yes the company administrators stated they don’t intend to appeal
Jaguar8 Trytosaveabit OP : “The Company’s Administrators have indicated they do not intend to appeal this determination.”
Trytosaveabit OP Jaguar8 : Oh wow! Thanks. I can’t believe i didn’t see that! Grrr! Hehehe
Jaguar8 Trytosaveabit OP : You know I always look into that because it is always an opportunity.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Trytosaveabit OP Jaguar8 : Hehehe! Thanks but you never need to quote Brother! Your word is GOLD to me!
Jaguar8 Trytosaveabit OP : True! I just got excited about the possibility of delisting pump hopefully tomorrow
Trytosaveabit OP Jaguar8 : Absolutely! But I’m usually a bit more thorough! Hehehe! Just like TFFP! I posted on the 10th at WB as you took care of it here! Well when it pumped to as I said the 10th ( watch for possible exit liquidity pump ) I got 13 new followers there for that! Hehehe! I know you’ve gotton that as well! A ticker you have posted on watch! The it hits and if lots see you posted just before! You get lots of new followers! Hehehe
Trytosaveabit OP Jaguar8 : Yes I enjoy them lots too! But tomorrow is Friday and I’m feeling a bit selfish! So make that pump on Monday instead! Hehehe
View more comments...