BEIJING, CHINA — Origin Agritech Ltd., a Chinese agricultural technology company, said on Feb. 20 that it has regained compliance with Nasdaq’s market value of listed securities requirement.
Having achieved the Nasdaq Capital Market’s continued listing requirements, Origin Agritech said a scheduled appeal before the Hearings Panel has been canceled. The company's securities will continue to be listed and traded on The Nasdaq Stock Market.
In January, Origin Agritech appealed a Nasdaq letter from July 10, 2023, that notified the company it did not meet the minimum market value of listed securities requirements. The minimum is equal to or greater than $35 million (based upon the total ordinary shares outstanding multiplied by the closing bid price). The non-compliance period was from May 24-July 7, 2023.
“We are pleased to regain compliance with Nasdaq’s listing standards and to move forward as a Nasdaq-listed company,” said Dr. Gengchen Han, chairman and chief executive officer of Origin Agritech. “Looking ahead, we remain focused on leveraging our strengths in agricultural technology to capitalize on new opportunities and deliver value to our shareholders.”
Headquartered in Beijing, China, Origin Agritech’s phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China’s Ministry of Agriculture. Over the years, Origin Agritech has established a biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits.
