Company: BGLC
Filing Date: 2025-02-10
Form Type: PRE 14A
Source: 0001477932-25-000832
Chunk: 13

Company: BioNexus Gene Lab Corp
Filing Date: 2025-02-10
Form: PRE 14A
Chunk 13
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25, 2024, to avoid a formal hearing if the Panel determined that an exception could be granted.

On December 27, 2024, the Nasdaq Hearings Panel granted the Company a temporary exception to regain compliance with the Minimum Bid Price Requirement, based on the Expedited Review Submission. Under the terms of the exception:

| 1. 
 2. | By April 1, 2025, the Company must obtain shareholder approval for a Reverse Stock Split at a ratio not less than 1 for 5.                                                                  
 By April 7, 2025, the Company must effect the Reverse Stock Split and, thereafter, maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days. |
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| 3. | By May 1, 2025, the Company must have demonstrated full compliance with the Minimum Bid Price Requirement.                                                                                  |

If the Company fails to meet any of these milestones, its securities will be delisted immediately.

On the Record Date, the last reported sale price of our Common Stock on the Nasdaq Capital Market was $[*] per share. A decrease in the number of issued shares of Common Stock resulting from the Reverse Stock Split should, absent other factors, cause the per-share market price of our Common Stock to trade above the required price.

However, we cannot provide any assurance that:

(i) we will successfully regain compliance with the Minimum Bid Price Requirement or other listing requirements of the Nasdaq Capital Market, or

(ii) even if we do, that our minimum bid price would remain above the Minimum Bid Price Requirement following the Reverse Stock Split.

| 9 |

We have in the past, and may in the future, be unable to comply with certain listing standards required to maintain the listing of our Common Stock on the Nasdaq Capital Market.

Increased Credibility and Investor Interest. In addition, as noted above, we believe that the Reverse Stock Split and the resulting anticipated increase in the per share price of our Common Stock could encourage increased investor interest in our Common Stock and promote greater liquidity for our stockholders. The Board believes that continued listing on the Nasdaq Capital Market provides overall credibility to an investment in our stock, given the stringent listing and disclosure requirements of the Nasdaq Capital Market. If our common stock is delisted from the Nasdaq Capital Market, we cannot provide assurance that our Common Stock would be listed on another national securities exchange, a national quotation service, the over-the