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SAN ANTONIO, TX - bioAffinity Technologies, Inc. has been notified by The Nasdaq Stock Market LLC that it has not met the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The company’s common stock, traded under the ticker BIAF, failed to maintain the required closing bid price of $1.00 per share over the last 30 consecutive business days, from December 23, 2024, to February 6, 2025. Currently trading at $0.78, the stock has experienced significant volatility, falling over 51% in the past six months, though InvestingPro data shows a recent uptick with a 10.5% gain over the past week.
Despite the notice, there is no immediate impact on the listing of bioAffinity’s common stock, which will continue to be traded as usual. The company has been granted a 180-day period until August 6, 2025, to regain compliance with the Nasdaq Listing Rule 5550(a)(2). To achieve this, the closing bid price of bioAffinity’s common stock must be at or above $1.00 for at least ten consecutive business days during this timeframe. Nasdaq retains the discretion to require the company to maintain this minimum bid price for more than the stipulated ten-day period before confirming compliance. With a market capitalization of just $13 million and an overall Financial Health score of "FAIR" according to InvestingPro, the company faces significant challenges ahead.
Should bioAffinity Technologies not meet the Minimum Bid Price Requirement by the deadline, it may be granted an additional period to comply, provided it meets all other initial listing standards for The Nasdaq Capital Market, except for the Minimum Bid Price Requirement. The company would need to inform Nasdaq in writing of its intention to rectify the deficiency during the second compliance period.
bioAffinity Technologies, which specializes in commercial physical and biological research, is exploring options to address the issue and intends to take measures to regain compliance with Nasdaq’s listing requirements. This information is based on the company’s recent SEC filing.
In other recent news, bioAffinity Technologies has been making notable strides in its operations. The company secured an Australian patent for its CyPath® Lung diagnostic test, a significant addition to its intellectual property portfolio. The patent, expected to be granted in three months, will be the second awarded specifically for the CyPath® Lung test, which uses advanced flow cytometry and artificial intelligence for early-stage lung cancer detection.
On the corporate front, bioAffinity Technologies announced a salary increase for its CEO, Maria Zannes, to $300,000 annually. This adjustment reflects the company’s commitment to acknowledging its leadership’s value and contributions. The specifics of the agreement are detailed in the company’s latest SEC filing.
Shareholders of bioAffinity Technologies recently approved two significant proposals, including the issuance of up to 2,724,230 shares of Common Stock upon the exercise of warrants. This move aligns with the Nasdaq Listing Rules and could strengthen bioAffinity’s capital base.
The company also conducted an investor webinar, providing updates on their research progress and commercial strategies. The webinar, a platform for the company to engage with its shareholders and the investment community, offered insights into its operations and strategic direction.
These developments highlight bioAffinity Technologies’ ongoing efforts in lung cancer diagnostics, executive compensation adjustments, shareholder engagement, and investor communication.
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