Business
Precipio Granted 180-day Extension From NASDAQ To Regain Compliance
Extension will enable the Company to execute on its growth and advance toward breakeven NEW HAVEN, Conn., April 27, 2023 (GLOBE NEWSWIRE) -- Specialty cancer
About this update from Precipio, Inc.
[{"type":"text","content":"Extension will enable the Company to execute on its growth and advance toward breakeven\nNEW HAVEN, Conn., April 27, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces notification by the NASDAQ Stock Market that the Company has been granted a 180-day extension to allow the Company to meet the required minimum $1.00 per share closing bid price of its common stock for 10 consecutive business days for continued inclusion on the Nasdaq Capital Market Exchange. Following its review process, Nasdaq determined Precipio is eligible for an extension of an additional 180 calendar days to allow it to regain compliance with the minimum share price requirement. Assuming that during this extension period, the closing bid price of the Company’s common stock meets the requirements of above $1.00 for the required minimum 10 consecutive business days, and provided that the Company meets all the other listing requirements, Nasdaq will provide the Company with written confirmation that it is compliant with its listing requirements. As preliminary results of Q1-2023 have demonstrated, Precipio is well on its way to achieving its revenue and profitability targets for the year. We believe that as a biotech with proprietary technologies serving a multi-billion dollar diagnostic market, distribution channels with the world’s leading players, we have the necessary ingredients to demonstrate significant shareholder value. We expect that advancing towards profitability at a circa $22M run rate should translate, even at conservative revenue multiples of 2-3x, to a market cap well over $50M; given the current number of shares outstanding, this would equate to a share price above $1.00. Management is optimistic that the nearing results will translate into a share price appreciation that will clear the $1.00 minimum bid Nasdaq requirement and that thereby compliance will be regained. “We continue to make progress on our commercial goals as the entire company is focused on growing our customers and revenue to achieve these revenue and subsequent valuation goals,” said Ilan Danieli, CEO. “In looking at our pipeline we have never been in a better position to reach and even exceed these goals, and I am confident we will get there well within the 180 day timeline.” About Precipio Precipio has built a platform des...