Summary by Moomoo AI
Applied DNA Sciences received a notification from Nasdaq on November 12, 2024, indicating non-compliance with the minimum bid price requirement of $1.00 per share. The company's stock price remained below this threshold for 31 consecutive business days from September 27 to November 11, 2024.The company has been granted until May 12, 2025, to regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. If unsuccessful, the company may be eligible for an additional 180-day compliance period, provided it meets other Nasdaq Capital Market listing requirements.In response, Applied DNA Sciences plans to implement a reverse stock split within 30 days of the Stockholder Approval Date, as required by their recent securities offering agreement, unless compliance is regained within that period. This action aims to maintain Nasdaq listing and fulfill obligations under the Purchase Agreement from October 31, 2024.
