Nasdaq warns Evogene of delisting risk due to low share price

In Israel, Evogene Ltd. received a letter from the Nasdaq Stock Market LLC indicating that the company is currently not in compliance with Nasdaq Rule 5550(a)(2), as the company’s closing bid price for its ordinary shares has been below $1.00 per share for the last 30 consecutive business days.
The Nasdaq Stock Market Rules provide the company with an additional period of 180 calendar days to regain compliance. According to the letter, the company has until September 16, 2024, to regain compliance with the minimum bid price requirement. The company will regain compliance, if at any time during this 180-day period, the closing bid price of its ordinary shares is at least $1.00 for a minimum period of ten consecutive business days, in which case the company will be provided with a written confirmation of compliance from Nasdaq and this matter will be closed. If the company does not demonstrate compliance (with the bid price requirement or with any other listing requirements) prior to the end of the 180-day period ending September 16, 2024, the Nasdaq’s staff will notify the company that its ordinary shares will be subject to delisting. It is noted that Evogene’s continued listing on Nasdaq remains a key priority for the company. Should the situation not resolve itself over the above-mentioned timeframe, 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 share split among other alternatives. The letter from Nasdaq has no immediate effect on the Company’s Nasdaq listing or the trading of its ordinary shares on Nasdaq, and during the aforementioned cure period, the company’s ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol “EVGN”. It is further noted that the ltter from Nasdaq has no bearing on Evogene’s listing on the Tel Aviv Stock Exchange, where its ordinary shares are traded under the ticker symbol “EVGN”.