Evogene receives Nasdaq minimum bid price notification

Evogene (EVGN) received a letter from Nasdaq indicating that the company is currently not in compliance with Nasdaq Rule 5550(a)(2), as the cclosing bid price for its ordinary shares has been below $1.00 per share for 30 consecutive business days. The company has until September 28 to regain compliance with the minimum bid price requirement. If the company does not demonstrate compliance prior to the end of the 180-day period ending September 28, the Nasdaq staff will notify the company that its ordinary shares will be subject to delisting. However, the company may then be eligible for additional time to regain compliance, of up to a further 180 calendar days, if it meets the continued listing requirement for the market value of its publicly held shares and all other initial listing standards for Nasdaq, with the exception of the bid price requirement. To be eligible, the company will also need to provide further written notice of its intention to cure the deficiency during the second compliance period. Evogene’s continued listing on Nasdaq remains a key priority for the Company. The company intends to consider other available options to cure the deficiency and regain compliance with the minimum bid requirement within the compliance period, including potentially approving a reverse stock split, among other alternatives. The letter has no immediate effect on the company’s Nasdaq listing or the trading of its ordinary shares on Nasdaq.