Applied DNA Sciences, faced with delisting by Nasdaq, wins extension
President and chief executive James A. Hayward said in a statement that Applied DNA Sciences will "work diligently" to regain Nasdaq compliance. Credit: Howard Schnapp
Applied DNA Sciences Inc., facing delisting from the Nasdaq Capital Market, has gotten an extension until the end of the year to regain compliance, the company announced.
In a news release Thursday, the Stony Brook company said a Nasdaq hearings panel had granted its request for an extension to Dec. 31.
The company, which provides molecular technologies to help enterprises track goods and thwart counterfeiters, received delisting notices in January citing its failure to maintain a minimum stock price of $1 per share and a minimum stockholders' equity of $2.5 million or net income from continuing operations of at least $500,000.
The company will "work diligently" to regain compliance, president and chief executive James A. Hayward said in a statement.
Shares of Applied DNA closed down 0.3 percent Thursday to 23 cents.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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