CENTOGENE Receives Nasdaq Non-Compliance Notification Regarding Minimum Market Value Of Publicly Held Shares Deficiency

Author: Happy Mohamed | August 31, 2023 04:32pm

 Centogene N.V. (NASDAQ:CNTG) ("we" or the "Company"), the essential life science partner for data-driven answers in rare and neurodegenerative diseases, today announced that it has received a written notification (the "Notification Letter") from the Nasdaq Stock Market LLC ("Nasdaq") dated August 30, 2023, indicating that the Company is not in compliance with the minimum Market Value of Publicly Held Shares ("MVPHS") set forth in the Nasdaq Rules for continued listing on the Nasdaq Global Market. Nasdaq Listing Rule 5450(b)(3)(C) requires companies to maintain a minimum MVPHS of USD 15 million, and Listing Rule 5810(c)(3)(D) provides that a failure to meet the MVPHS requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the MVPHS of the Company for the 30 consecutive business days from July 19, 2023 to August 29, 2023, the Company no longer meets the MVPHS minimum requirement. This notification does not impact the listing and trading of the Company's securities at this time.
 

Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company has a compliance period of 180 calendar days (or until February 26, 2024) to regain compliance. If at any time during this compliance period the Company's MVPHS closes at USD 15 million or more for a minimum of ten consecutive business days, Nasdaq will notify the Company that it has achieved compliance with the MVPHS requirement, and the MVPHS matter will be closed.

In the event the Company does not regain compliance with Rule 5450(b)(3)(C) prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting.

The Company's business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor its market value between now and February 26, 2024.

Posted In: CNTG