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Applied DNA Sciences Inc . (NASDAQ:APDN), a company specializing in testing laboratories, announced on Monday that it has regained compliance with the Nasdaq Capital Market's minimum bid price requirement. The Nasdaq Stock Market LLC issued a Compliance Notice to the company on April 7, 2025, confirming that the closing bid price of Applied DNA's common stock had been at $1.00 per share or greater from March 14, 2025, to April 4, 2025. According to InvestingPro data, the stock has experienced significant volatility, with a 92.95% decline over the past six months, though current analysis suggests the stock may be undervalued.
The Nasdaq Listing Rule 5550(a)(2) mandates that companies listed on The Nasdaq Capital Market maintain a minimum bid price of $1.00 per share. Applied DNA Sciences had previously been under scrutiny for potentially falling below this threshold. However, with the stock price consistently closing above the dollar mark over the specified period, the company has successfully met the exchange's requirement.
This development closes the matter of compliance with the minimum bid price rule, as stated in the notice received by Applied DNA Sciences. The company, headquartered in Stony Brook, New York, operates within the industrial sector, providing services under the category of testing laboratories.
The press release issued by Applied DNA Sciences Inc. confirms that the information regarding the regained compliance with Nasdaq's listing rules is based on the recent 8-K filing with the United States Securities and Exchange Commission.
Investors and stakeholders in Applied DNA Sciences may view this news as a positive indicator of the company's ability to maintain its listing standards and potentially stabilize its market position. The company's common stock continues to be traded on The Nasdaq Stock Market under the ticker symbol APDN.
In other recent news, Applied DNA Sciences Inc. announced a strategic shift in its pharmacogenomics testing services through its subsidiary, Applied DNA Clinical Labs. The company is now focusing on specific subpanels for genetic testing, starting with the DPYD gene, which is linked to chemotherapy drug metabolism. This move follows an FDA safety announcement regarding the risks associated with certain genetic variants. Additionally, Applied DNA has submitted a validation package to the New York State Department of Health for a new test aimed at detecting the H5 bird flu virus. The test is designed to identify and subtype the H5N1 virus, with plans to offer it across states recognizing New York's certification if approved.
In corporate actions, Applied DNA announced a 1-for-50 reverse stock split to meet Nasdaq's minimum bid price requirements. This move will reduce the number of outstanding shares significantly while maintaining the total authorized shares. The company also faced a setback as a special meeting of stockholders failed to secure a quorum, delaying action on a proposal related to a previous stock offering. Applied DNA plans to convene another meeting to seek the necessary stockholder approval. Furthermore, the company has scheduled its 2025 Annual Meeting of Stockholders for May 22, 2025, which will be held virtually.
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