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Burcon Receives NASDAQ Letter Regarding Minimum Bid Price Deficiency
Vancouver, British Columbia--(Newsfile Corp. - April 6, 2022) - Burcon NutraScience Corporatio...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Receives NASDAQ Letter Regarding Minimum Bid Price DeficiencyVancouver, British Columbia--(Newsfile Corp. - April 6, 2022) - Burcon NutraScience Corporation (TSX: BU) (NASDAQ: BRCN) (\"Burcon or the \"Company\"), a global technology leader in the development of plant-based proteins for foods and beverages, announced that on April 1, 2022, the Company received a letter from the Listings Qualifications Department of the Nasdaq Stock Market LLC (\"Nasdaq\") notifying the Company that it is not in compliance with Listing Rule 5550 (a)(2), which requires the listed securities of the Company to maintain a minimum bid price of US$1 per share. The Company has not met this requirement for a period of 30 consecutive business days.The Nasdaq notification letter does not result in the immediate delisting of the Company's common shares, and the shares will continue to trade uninterrupted under the symbol \"BRCN\".The Company has a compliance period of 180 calendar days, or until September 28, 2022, to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the compliance period the Company's closing bid price is at least US$1 for a minimum of 10 consecutive business days, Nasdaq will provide Burcon with a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance by September 28, 2022, the Company may be eligible for additional time to regain compliance.Burcon's management is reviewing various options available to the Company in order to regain compliance with Nasdaq's listing rules.About Burcon NutraScience CorporationBurcon is a global technology leader in the development of plant-based proteins for foods and beverages. With over two decades of experience formulating high-purity proteins that have superior functionality, taste and nutrition, Burcon has amassed an extensive patent portfolio covering its novel plant-based proteins derived from pea, canola, soy, hemp, sunflower seed, among other plant sources. In 2019, Merit Functional Foods Corporation (\"Merit Foods\") was established between Burcon and three veteran food industry executives. Merit Foods has since built and commissioned a state-of-the-art protein production facility in Manitoba, Canada that is producing, under license from Burcon, best-in-class pea and canola proteins for the food...