Bionano Genomics (NASDAQ:BNGO) stock is on the move Wednesday following an update from the Nasdaq about its listing status.
Bionano Genomics has been having trouble meeting the $1 price minimum for its stock to remain on the Nasdaq Exchange. Today, the company got an update from the Nasdaq that will allow it to stay on the market for an additional 180 days.
This update from the Nasdaq means that Bionano Genomics has until June 28, 2021, to get the price of its stock back above $1 per share. The company initially only had until Dec. 16 to meet this requirement. That comes after receiving a letter on April 22 of this year about it not staying above $1 per share.
All of this means that Bionano Genomics needs to find a way to keep BNGO stock above the $1 price minimum for 10 consecutive days. If it does so at any point during the 180-day period, the Nasdaq will close the matter.
Erik Holmlin, PhD, CEO of Bionano Genomics, said the following about the update for BNGO stock.
â€œWe are pleased that Nasdaq granted our request for an extension. We have been making steady progress with our business and this extension gives us extra time to regain compliance as we continue to advance the Saphyr System in our target markets of discovery research and Cytogenomics.â€
The Bionano Genomics news today caught the interest of investors. More than 73 million shares of the stock have traded hands already this morning. For comparison, the companyâ€™s average daily trading volume is 11.83 million shares.
BNGO stock was up 45.1% as of Wednesday morning, which pushes it up to around $2 per share.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.