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Applied DNA Sciences receives delisting notices from Nasdaq

James Hayward, Applied DNA Sciences president and CEO,

James Hayward, Applied DNA Sciences president and CEO, speaks at a Dec. 7 forum in Melville on cannabis investing.  Credit: Howard Schnapp

Applied DNA Sciences Inc. has received two delisting notices from the Nasdaq Stock Market related to the company's stock price, market value and other minimum requirements set by the exchange, the company disclosed in a government filing.

Shares fell 7.5 percent to close Friday at 41 cents. Twelve months ago the stock was trading at $1.57.

The Stony Brook company, which uses DNA to make anti-counterfeiting products, said it received notification letters from the Nasdaq on Jan. 29 and 30.

The Jan. 29 letter was a "first notification letter," informing the company it was out of compliance with a rule requiring companies on the Nasdaq Capital Market to maintain a minimum bid stock price of $1 per share for 30 consecutive business days.

That letter said Applied DNA has until July 29 to bring the stock price up to at least $1 per share for at least 10 business days. The company also could be eligible for a 180-day extension.

A call to Applied DNA president, chairman and chief executive James A. Hayward was not returned.

In the Securities and Exchange Commission filing, the company said it would consider options, including a reverse stock split, to push its shares above the $1 minimum.

The late Thursday filing said Applied DNA also received a Jan. 30 "second notification letter" from Nasdaq saying it is out of compliance with other requirements for listing on the exchange, including a minimum market value of $35 million or other alternative minimum financial metrics.

The second letter says the company has until July 29 to regain compliance or win an appeal before shares are delisted.

The company said it "will consider available options" to regain compliance.

In the fiscal year ended Sept. 30, 2018, Applied DNA posted a net loss of $11.7 million on revenue of $3.9 million versus a net loss of $12.9 million on revenue of $4.8 million in the year-earlier period.

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