BioNexus Gene Lab Corp. Faces Delisting Concerns
Ticker: BGLC · Form: 8-K · Filed: Jan 2, 2025 · CIK: 1737523
| Field | Detail |
|---|---|
| Company | Bionexus Gene Lab CORP (BGLC) |
| Form Type | 8-K |
| Filed Date | Jan 2, 2025 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, regulatory
TL;DR
BNGL might get delisted, stock could tank.
AI Summary
BioNexus Gene Lab Corp. filed an 8-K on January 2, 2025, reporting a notice of delisting or failure to meet continued listing standards as of December 27, 2024. The company, incorporated in Wyoming, is based in Kuala Lumpur and operates in the medical laboratories sector.
Why It Matters
This filing indicates potential issues with BioNexus Gene Lab Corp.'s ability to remain listed on an exchange, which could significantly impact its stock value and liquidity.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to trade publicly, posing a significant risk to investors.
Key Players & Entities
- BioNexus Gene Lab Corp. (company) — Registrant
- December 27, 2024 (date) — Date of earliest event reported
- January 2, 2025 (date) — Filing date
- Wyoming (jurisdiction) — State of incorporation
- Kuala Lumpur (location) — Business address
FAQ
What specific listing rule or standard has BioNexus Gene Lab Corp. failed to meet?
The filing does not specify the exact rule or standard that was not met, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the effective date of the delisting notice?
The earliest event reported is dated December 27, 2024, which is the date as of which the company is reporting its status regarding listing standards.
What is BioNexus Gene Lab Corp.'s primary business?
BioNexus Gene Lab Corp. is classified under the Standard Industrial Classification code 8071, which corresponds to Services-Medical Laboratories.
Where is BioNexus Gene Lab Corp. headquartered?
The company's business and mailing addresses are listed as Unit A-28-7, Tower A, Menara UOA Bangsar, No.5 Jln Bangsar Utama, Kuala Lumpur.
What is the company's state of incorporation?
BioNexus Gene Lab Corp. is incorporated in Wyoming.
Filing Stats: 564 words · 2 min read · ~2 pages · Grade level 11.5 · Accepted 2025-01-02 10:30:32
Key Financial Figures
- $1.00 — , which requires a minimum bid price of $1.00 per share (the "Bid Price Rule"). The
Filing Documents
- bglc_8k.htm (8-K) — 24KB
- 0001477932-25-000006.txt ( ) — 148KB
- bglc-20241227.xsd (EX-101.SCH) — 6KB
- bglc-20241227_lab.xml (EX-101.LAB) — 15KB
- bglc-20241227_cal.xml (EX-101.CAL) — 1KB
- bglc-20241227_pre.xml (EX-101.PRE) — 9KB
- bglc-20241227_def.xml (EX-101.DEF) — 2KB
- bglc_8k_htm.xml (XML) — 4KB
01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On December 27, 2024, BioNexus Gene Lab Corp. (the "Company") received a written notice from the Nasdaq Hearings Panel (the "Panel") indicating that the Company has been granted a temporary exception to regain compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share (the "Bid Price Rule"). The Company has until May 1, 2025, to regain compliance. As part of this compliance plan, the Company intends to effect a reverse stock split, if necessary, no later than April 7, 2025, and has outlined steps to meet this timeline. Failure to regain compliance by May 1, 2025, will result in the delisting of the Company's common stock from The Nasdaq Capital Market. Additionally, Nasdaq has updated its rules regarding reverse stock splits. Effective January 30, 2025, the Company must notify Nasdaq of specific details, including the date of shareholder approval, at least ten (10) calendar days prior to the anticipated market effective date of the reverse stock split. The Company is taking the necessary steps to ensure compliance with the Bid Price Rule within the granted timeframe and will provide updates as appropriate. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BioNexus Gene Lab Corp. Date: December 31, 2024 By: /s/ Su-Leng Tan Lee Name: Su-Leng Tan Lee Title: Chief Executive Officer 3