Nasdaq Affirms OpGen's Delisting Decision

Original from: 360dx

OpGen disclosed on Friday that Nasdaq's listing and hearing review council has affirmed an earlier decision by a Nasdaq hearing panel to delist the company's stock.

OpGen was notified by Nasdaq on August 16 that trading of the firm's shares was suspended due to continued non-compliance with the minimum stockholder's equity requirement.

The molecular diagnostics developer regained short-term compliance and subsequently AEI Capital acquired $3 million in common stock and a controlling interest in OpGen.

The company said that it continues to disagree with the council's decision and has appealed the panel's decision to the listing council. It added that its stock will continue to trade on the OTC markets, should the appeal be unsuccessful, and plans to apply for relisting with the Nasdaq after meeting the relevant requirements.

As part of insolvency proceedings in April, assets from OpGen's Curetis subsidiary were sold by an insolvency administrator to Camtech, a Singapore-based company. The assets of its Ares Genetics subsidiary, meanwhile, were sold at that time to BioMerieux, according to a form 10-Q filed with the Securities and Exchange Commission on Nov. 15, 2024.

Under the ownership of AEI Capital, OpGen plans to continue scaling down its legacy operations and selling the remaining Unyvero assets in inventory with the intention of exiting the Unyvero business, according to the 10-Q form. The firm also intends to reposition itself in the financial technology industry by launching a new business to support digital investment banking activities, and potentially to also provide securities listing consultancy services to international companies.

Source: Nasdaq Affirms OpGen's Delisting Decision