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STONY BROOK, NY - Applied DNA Sciences, Inc. (NASDAQ:APDN), a company specializing in PCR-based DNA technologies, has successfully regained compliance with the Nasdaq's minimum bid price requirement, the firm announced Tuesday. The Nasdaq Listing Qualifications Department confirmed that the company's common stock has maintained a minimum closing bid price of $1.00 or more for 16 consecutive business days, from March 14 to April 4, 2025. According to InvestingPro data, the stock currently trades at $1.30, though it has experienced significant volatility with a 23% decline in the past week alone.
The biotechnology firm, which focuses on the production and detection of DNA for various applications, including nucleic acid-based therapeutics and genetic testing services, had previously been notified of non-compliance on November 12, 2024. The Nasdaq rule mandates that listed companies maintain a minimum bid price of $1.00 over 30 consecutive business days. To achieve compliance, Applied DNA's stock needed to close at $1.00 or higher for at least ten consecutive business days. InvestingPro analysis indicates the company's overall financial health score is rated as WEAK, with revenue declining by 58% in the last twelve months to $3.74 million.
With this development, the Nasdaq considers the matter closed, removing a potential hurdle for the company's continued listing on the stock exchange. This compliance ensures that Applied DNA can maintain its visibility and accessibility to investors through the Nasdaq market. The company maintains a strong liquidity position with a current ratio of 4.72 and holds more cash than debt on its balance sheet, according to InvestingPro data, which provides detailed analysis through its comprehensive Pro Research Report covering over 1,400 US stocks.
Applied DNA operates in two primary business markets: the enzymatic manufacture of synthetic DNA for nucleic acid-based therapeutics and the detection of DNA and RNA in molecular diagnostics. The company's technologies leverage the polymerase chain reaction (PCR) method, which is critical in the fields of molecular diagnostics and genetic testing. Despite maintaining a gross profit margin of 39%, analysts do not anticipate profitability this year, as revealed in detailed financial analysis available through InvestingPro's extensive metrics and expert insights.
The information in this article is based on a press release statement from Applied DNA Sciences, Inc. and does not include any additional analysis or commentary. The company's forward-looking statements in the press release are subject to various risks and uncertainties, and actual results may differ materially from those projected. The full original press release can be found on ACCESS Newswire.
In other recent news, Applied DNA Sciences Inc. has regained compliance with the Nasdaq Capital Market's minimum bid price requirement. This compliance was confirmed after the company's stock maintained a closing bid price of at least $1.00 per share over a specified period. Additionally, Applied DNA Sciences announced a strategic shift in its pharmacogenomics testing services, focusing on indication-specific subpanels, which could enhance the utility of its TR8™ PGx testing service. In another development, the company has submitted a validation package to the New York State Department of Health for a laboratory-developed test aimed at detecting the H5 bird flu virus. This test, known as the Linea™ Avian Influenza H5 Dx assay, is designed to identify and subtype the influenza A (H5) virus. Moreover, Applied DNA Sciences has scheduled its 2025 Annual Meeting of Stockholders for May 22, 2025, which will be held virtually. Lastly, the company announced a 1-for-50 reverse stock split of its common stock to comply with Nasdaq's listing requirements. These developments highlight recent strategic and operational activities within the company.
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