REHOVOT, Israel - Evogene Ltd (NASDAQ:EVGN). (NASDAQ:EVGN, TASE:EVGN), a computational biology company, has been notified by the Nasdaq Stock Market LLC of non-compliance with the exchange's minimum bid price rule. The company's shares have closed below the required $1.00 threshold for 30 consecutive business days.
The Nasdaq's notice, dated March 20, 2024, triggers a 180-day period for Evogene to regain compliance. The company must achieve a closing bid price of at least $1.00 for ten consecutive business days by September 16, 2024, to maintain its listing. If Evogene fails to meet this requirement, it risks having its shares delisted from the Nasdaq Capital Market.
Evogene has stated that maintaining its Nasdaq listing is a priority and is considering options to address the deficiency, including a potential reverse share split. The current situation does not affect the company's trading on the Nasdaq or its listing on the Tel Aviv Stock Exchange, where its shares continue to trade under the same ticker symbol.
The company specializes in utilizing big data and artificial intelligence to innovate in the life-science product discovery and development sector. Evogene has developed three tech-engines—MicroBoost AI, ChemPass AI, and GeneRator AI—focused on microbes, small molecules, and genetic elements, respectively. It operates through five subsidiaries, each leveraging one of these tech-engines for product development.
This news is based on a press release statement from Evogene and does not impact the immediate trading status of the company's shares on the Nasdaq.
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