Genetic Technologies (GENE) Stock Pops On NASDAQ Compliance News

Genetic Technologies GENE Stock News

Genetic Technologies Limited (NASDAQ: GENE) is making a run for the top in the market this morning, and for good reason. The company announced that it has regained compliance with NASDAQ listing requirements. Here’s what’s going on:

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GENE Stock Rockets On NASDAQ Compliance

In the press release, Genetic Technologies said that it received notification from the Listing Qualifications Department of the Nasdaq Stock Market. The notification explained that the company has met the minimum stockholders equity requirement set forth in its listing rules.

The company said that Nasdaq has determined that it complies with the rule, requiring a stockholders’ equity of $2.5 million. GENE said that this was achieved as a result of the company raising $16.37 million through offerings of its American Depositary Shares.

As a result, the company’s stock will continue to be listed on the NASDAQ.

This Is Important News

The fact of the matter is that listing on the NASDAQ comes with quite a bit of value. After all, the listing helps GENE with regard to liquidity. Moreover, there are plenty of ETFs that must buy all stocks listed on the NASDAQ and other major exchanges. As such a delisting would mean a massive sell off.

Nonetheless, with the news today, Genetic Technologies and its investors no longer have to worry about that. As such GENE is a stock to watch closely.

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