Company: BGLC
Filing Date: 2025-02-10
Form Type: PRE 14A
Source: 0001477932-25-000832
Chunk: 12

Company: BioNexus Gene Lab Corp
Filing Date: 2025-02-10
Form: PRE 14A
Chunk 12
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 we are not adjusting the number of shares of Common Stock that the Company is authorized to issue, the Reserve Stock Split will have the benefit of increasing the number of shares of Common Stock the Company has the ability to issue. Currently, as of the Record Date, the Company has 300,000,000 authorized shares of Common Stock, of which 17,667,663 are currently issued and outstanding and [*]of which are reserved for issuance under outstanding equity awards or convertible securities or otherwise reserved for issuance of Underwriter’s Warrants or under our equity incentive plan. Therefore, the Company currently has the ability to issue only [*]additional shares of Common Stock as of the Record Date. Accordingly, we believe that the Reverse Stock Split is in our stockholders’ best interests.

Nasdaq Requirement for Continued Listing

On the date of the mailing of this proxy statement, our Common Stock was listed on the Nasdaq Capital Market under the symbol “BGLC.” On November 6, 2023, we received a letter from the staff of Nasdaq stating that the Company did not satisfy the continued listing requirement to maintain a minimum bid price of $1.00 per share of common stock, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”), as the Company’s closing bid price was less than $1.00 per share for the 30 consecutive business days prior to the date of the Nasdaq letter. The Company was given a compliance period of 180 calendar days, which was subsequently extended for an additional 180 days, or until November 4, 2024, to regain compliance.

On November 5, 2024, Nasdaq 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