Predictive Oncology Could Be Delisted by Nasdaq for Low Stock Price
Eagan-based med tech company Predictive Oncology has been sent a warning by Nasdaq that it could be delisted for not complying with minimum stock price standards.
The warning was sent on May 13 after the bid price for Predictive Oncology’s common stock closed below $1 per share for 30 consecutive business days, per an SEC filing. As of Tuesday afternoon, the company’s stock was trading at 37 cents a share.
Predictive Oncology is focused on using artificial intelligence to develop personalized cancer therapies, according to the company’s website.
While the notification has no immediate effect on the company’s stock, it means it must close at or above $1 per share for a minimum of 10 consecutive business days before Nov. 9. Otherwise, Predictive Oncology’s securities may be subject to delisting, meaning shares of the company would no longer traded on Nasdaq.
The company announced Tuesday it is planning to sell $7.2 million worth of stock.
According to its first-quarter financial report, Predictive Oncology is operating at a $3.37 million loss. Notably, a company operating at a loss is not uncommon. Amazon operated at a loss for years. Stratasys, a Minnesota-based 3D printing company featured on TCB’s most recent Tech 20 list, has also operated at a loss.
Predictive Oncology did not immediately respond to a request for comment.