Applied DNA Sciences Sells Certainty Business for $15M

TL;DR

APDN selling Certainty biz for $15M to focus on DNA manufacturing. Big shift!

AI Summary

Applied DNA Sciences, Inc. announced on September 17, 2024, that it has entered into a definitive agreement to sell its Certainty business to an unaffiliated third party for $15 million. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This divestiture is part of the company's strategic plan to focus on its core DNA manufacturing and biopharmaceutical services.

Why It Matters

This sale allows Applied DNA Sciences to streamline its operations and concentrate on its higher-growth DNA manufacturing and biopharmaceutical services, potentially improving financial performance.

Risk Assessment

Risk Level: medium — The sale of a business segment introduces execution risk, and the success of the company's future strategy depends on the performance of its remaining operations.

Key Numbers

• $15.0M — Sale Price (Proceeds from the sale of the Certainty business.)

Key Players & Entities

• Applied DNA Sciences, Inc. (company) — Registrant
• $15 million (dollar_amount) — Sale price of Certainty business
• September 17, 2024 (date) — Date of definitive agreement
• fourth quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.001 — ge on which registered Common Stock, $0.001 par value APDN The Nasdaq Stock Mar
• $1.00 — the Company's Common Stock had been at $1.00 per share or greater and that, accordin
• $1.00 m — ompany had regained compliance with the $1.00 minimum bid price requirement for the con

Filing Documents

• tm2424283d1_8k.htm (8-K) — 24KB
• tm2424283d1_ex99-1.htm (EX-99.1) — 8KB
• tm2424283d1_ex99-1img01.jpg (GRAPHIC) — 25KB
• 0001104659-24-100839.txt ( ) — 237KB
• apdn-20240917.xsd (EX-101.SCH) — 3KB
• apdn-20240917_lab.xml (EX-101.LAB) — 33KB
• apdn-20240917_pre.xml (EX-101.PRE) — 22KB
• tm2424283d1_8k_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events. On September 17, 2024, Applied DNA Sciences, Inc. (the "Company") received written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market, LLC ("Nasdaq") notifying the Company that it had determined that for the last 20 consecutive business days, from August 19, 2024 to September 16, 2024, the closing bid price of the Company's Common Stock had been at $1.00 per share or greater and that, accordingly, the Company had regained compliance with the $1.00 minimum bid price requirement for the continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"), and that the matter was now closed. On September 18, 2024, the Company issued a press release announcing the Notice and its compliance with the Bid Price Rule. The above description is qualified in its entirety by reference to the press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release dated September 18, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE 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. Date: September 18, 2024 APPLIED DNA SCIENCES, INC. By: /s/ James A. Hayward Name: James A. Hayward Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR