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MBI gets warning from Nasdaq

365体育投注Davis-based biotech company Marrone Bio Innovations Inc. announced this week that it has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying the company of its noncompliance with Nasdaq Listing Rule 5550(a)(2) as a result of the company’s closing bid price being below $1 per share for 30 consecutive days.

Under Nasdaq Listing Rules, the Company usually has 180 calendar days from the date of the notification to regain compliance with Nasdaq Listing Rules. However, on April 16, Nasdaq filed an immediately effective rule change with the Securities and Exchange Commission resulting in the compliance periods for various price-based continued listing requirements being tolled until July 1.

Thus, the MBI has until Dec. 28, 2020 to regain compliance. To regain compliance, the closing bid price of the Company’s common stock on the Nasdaq Capital Market must be at least $1 per share for a minimum of 10 consecutive business days prior to the expiration of the tolled compliance period on Dec. 28.

This notification has no immediate effect on the listing of MBI’s common stock on the Nasdaq Capital Market, which will continue to trade under the symbol “MBII.” If the company does not regain compliance by Dec. 28, it may be eligible for a second 180 day compliance period, provided that it meets the continued-listing requirement for market value of publicly held shares and all other applicable initial listing requirements, and the company provides written notice to Nasdaq of its intention to and plans for curing the deficiency during the second compliance period.

This isn’t the first time MBI has faced warnings from Nasdaq. The company was hit with multiple warnings365体育投注 in 2015 and 2016 in the wake of a financial scandal that sent its stock price plummeting.

365体育投注Meanwhile, on April 17, MBI announced it had obtained a from the federal Paycheck Protection Program, created by Congress to help small businesses hurt by the coronavirus scandal.

365体育投注“People don’t realize how tough it is to be a small public company like us that’s not yet profitable,” founder and CEO Pam Marrone . “We can’t just go to investors and say, ‘OK, open up your wallets.’ ”

“The proceeds from the PPP loan will provide us with additional employee job security as we work to supply growers nationwide during the important spring growing season,” said Jim Boyd, president and chief financial officer of MBI, in a news release. “Today, more than ever, it is paramount to continue our important role in the food supply chain so fresh produce can reach the tables of consumers.”

 

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