Company: BGLC
Filing Date: 2025-02-27
Form Type: DEF 14A
Source: 0001477932-25-001335
Chunk: 13

Company: BioNexus Gene Lab Corp
Filing Date: 2025-02-27
Form: DEF 14A
Chunk 13
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daq informed the Company that it had not regained compliance with the Minimum Bid Price Requirement within the required timeframe. As a result, Nasdaq determined to delist the Company’s securities from the Capital Market. Unless the Company successfully appeals this determination, trading of the Company’s Common Stock was set to be suspended at the opening of business on November 14, 2024, with a Form 25-NSE filed with the Securities and Exchange Commission to remove the Company’s securities from listing and registration on Nasdaq.

The Company submitted a timely appeal, and a hearing was scheduled for January 7, 2025 before the Nasdaq Hearings Panel. The delisting process was stayed pending a final written decision by the Panel. Nasdaq offered the Company an Expedited Review Process, in which it could submit a compliance plan by November 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.

The last reported sale price of our Common Stock on the Nasdaq Capital Market was $0.35 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