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GENETIC TECHNOLOGIES LIMITED — Capital/Financing Update 2020
Aug 31, 2020
65022_rns_2020-08-31_14b25108-9533-40d4-bad0-049c0ed73569.pdf
Capital/Financing Update
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ASX Market Announcement
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Nasdaq Compliance Confirmation
MELBOURNE, AUSTRALIA, September 1, 2020 Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the “Company”), a leader in the development of genetic risk assessment tests, is pleased to announce that since April, 2020, the Company has raised an aggregate of US$16.37 million through offerings of its American Depositary Shares. As a result, the Company as of the date of this filing, has US GAAP stockholders’ equity in excess of US$2.5 million. Accordingly, the Company has received notification from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Nasdaq Hearings Panel has determined that the Company has regained compliance with the minimum stockholders’ equity requirement, as set forth in Listing Rule 5550(b)(1) (the “Equity Rule”), necessary for continued listing on The Nasdaq Capital Market and that Nasdaq has closed its listing review.
As previously disclosed, in March, 2020, the Company received a determination letter from Nasdaq indicating that the Company’s American Depositary Shares were potentially subject to delisting from The Nasdaq Capital Market as the Company did not comply with the Equity Rule, which requires the Company to have a minimum of US$2.5 million in stockholders’ equity or market value of listed securities of US$35 million or net income from continuing operations of US$500,000 in the most recently completed fiscal year or two of the last three most recently completed fiscal years. The Nasdaq Hearings Panel on May 12, 2020, granted the Company an extension through September 9, 2020, to regain compliance. As noted above, this matter is now closed.
Dr George Muchnicki Acting CEO and Justyn Stedwell Company Secretary On behalf of the Board of Directors Genetic Technologies Limited +61 3 9412 7000
Investor Relations and Media (US)
Dave Gentry, CEO RedChip Companies Office: 1 800 RED CHIP (733 2447) Cell: US 407 491 4498 [email protected]
Australia
Trevor Chappell WE Communications Email: [email protected] T: +61 407 933 43
Genetic Technologies Limited 60-66 Hanover Street ~~www.gtglabs.com~~ Fitzroy Victoria 3065 [email protected]~~ Australia ABN 17 009 212 328 +61 3 8412 7000
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About Genetic Technologies Limited
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class.
Genetic Technologies has capacity for COVID-19 testing and is developing a pipeline of risk assessment products.
For more information, please visit www.gtglabs.com.
60-66 Hanover Street Fitzroy Victoria 3065 Australia +61 3 8412 7000
Genetic Technologies Limited ~~www.gtglabs.com [email protected]~~ ABN 17 009 212 328