PHILADELPHIA, Sept. 12, 2022 (GLOBE NEWSWIRE) — AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (ANPC), a biotechnology firm with operations within the United States and China targeted on early most cancers screening and detection, introduced that on September 9, 2022, it obtained a Staff willpower letter (the “Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company of the Staff’s willpower to delist the Company’s securities from The Nasdaq Capital Market as a result of Company’s failure to regain compliance with the $1 per share bid value requirement of Listed Securities required for continued itemizing as set forth in Listing Rule 5450(a)(1) (the “$1 Bid Rule”). The Letter states that, except the Company requests an attraction of the Letter, buying and selling of the Company’s American Depositary Shares will probably be suspended on the opening of business on September 20, 2022, and a Form 25-NSE will probably be filed with the Securities and Exchange Commission (the “SEC”) to take away the Company’s securities from itemizing and registration on the Nasdaq Stock Market. The Company has the choice to attraction the delisting willpower and intends to take action.
On March 8, 2022, Nasdaq workers notified the Company that the bid value of its listed safety had closed at lower than $1 per share over the earlier 30 consecutive business days, and, because of this, didn’t adjust to $1 Bid Rule. In accordance with Listing Rule 5810(c)(3)(A), the Company was supplied 180 calendar days, or till September 5, 2022, to regain compliance with the $1 Bid Rule. Since then, the Company has not regained compliance with the Rule, and Nasdaq workers has notified the Company that it’s ineligible for a second 180 day interval as a result of the Company has not demonstrated compliance with the minimal $5,000,000 Shareholders’ Equity preliminary itemizing requirement for The Nasdaq Capital Market, which preliminary itemizing requirement applies to the Company on account of its switch from The Nasdaq Global Market to The Nasdaq Capital Market, efficient May 6, 2022.
The Company intends to attraction the Staff’s willpower to a Hearings Panel (the “Panel”). Such a request will enable the Company’s American Depositary Shares to proceed to be traded (listed) pending the Panel’s determination. At the listening to, the Company intends to current a plan to attain compliance with Nasdaq itemizing necessities and request that the Panel enable the Company further time to regain such compliance. There will be no assurance that the Panel will grant the Company’s request for a suspension of the delisting or continued itemizing.
About AnPac Bio
AnPac Bio is a biotechnology firm targeted on early most cancers screening and detection, with 155 issued patents as of March 31, 2022. With two licensed medical laboratories in China and one CLIA and CAP accredited medical laboratory within the United States, AnPac Bio performs a set of most cancers screening and detection checks, together with CDA (Cancer Differentiation Analysis), bio-chemical, immunological, and genomics checks. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection take a look at pattern quantity (accumulative to January 2021). AnPac Bio’s CDA expertise platform has been proven in retrospective validation research to have the ability to detect the chance of over 20 totally different most cancers sorts with excessive sensitivity and specificity.
For extra info, please go to: https://www.Anpacbio.com.
For investor and media inquiries, please contact:
Company:
Phil Case, Marketing and Investor Relations
Phone: +1-267-810-6776 (US)
Email: [email protected]
Investor Relations:
Ascent Investor Relations LLC
Tina Xiao, President
Phone: +1-917-609-0333 (US)
Email: [email protected]
Safe Harbor Statement
This announcement accommodates forward-looking statements inside the which means of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made below the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are regarding the Company’s future monetary and working efficiency. The Company has tried to establish forward-looking statements by terminologies together with “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “target,” “aim,” “predict,” “outlook,” “seek,” “goal” “objective,” “assume,” “contemplate,” “continue,” “positioned,” “forecast,” “likely,” “may,” “could,” “might,” “will,” “should,” “approximately” or different phrases that convey uncertainty of future occasions or outcomes to establish these forward-looking statements. These statements are primarily based on present expectations, assumptions and uncertainties involving judgments about, amongst different issues, future financial, aggressive and market circumstances and future business selections, all of that are tough or not possible to foretell precisely and lots of of that are past the Company’s management. These statements additionally contain identified and unknown dangers, uncertainties and different components which will trigger the Company’s precise outcomes to be materially totally different from these expressed or implied by any forward-looking assertion. Known and unknown dangers, uncertainties and different components embody, however usually are not restricted to, our skill to adjust to Nasdaq Listing Rules, the implementation of our business mannequin and progress methods; traits and competitors within the most cancers screening and detection market; our expectations concerning demand for and market acceptance of our most cancers screening and detection checks and our skill to increase our buyer base; our skill to acquire and keep mental property protections for our CDA expertise and our continued analysis and improvement to maintain tempo with expertise developments; our skill to acquire and keep regulatory approvals from the NMPA, the FDA and the related U.S. states and have our laboratories licensed or accredited by authorities together with the CLIA; our future business improvement, monetary situation and outcomes of operations and our skill to acquire financing cost-effectively; potential adjustments of authorities laws; basic financial and business circumstances in China and elsewhere; our skill to rent and keep key personnel; our relationship with our main business companions and clients; and the period of the coronavirus outbreaks and their potential hostile influence on the financial circumstances and monetary markets and our business and monetary efficiency, equivalent to ensuing from decreased business actions on account of quarantines and journey restrictions instituted by China, the U.S. and lots of different nations all over the world to include the unfold of the virus. Additionally, all forward-looking statements are topic to the “Risk Factors” detailed sometimes within the Company’s most up-to-date Annual Report on Form 20-F and different filings with the U.S. Securities and Exchange Commission. Because of these and different dangers, uncertainties and assumptions, undue reliance shouldn’t be positioned on these forward-looking statements. In addition, these statements communicate solely as of the date of this press launch and, besides as could also be required by regulation, the Company undertakes no obligation to revise or replace publicly any forward-looking statements for any motive.
