AnPac Bio-Medical Science (NASDAQ: ANPC), a company with operations in the United States and China focused on early cancer screening and detection and with plans to enter into the operation of a business-to-business e-commerce food platform focused on the sale of Asian-sourced food products, has been granted continued listing on the NASDAQ Capital Market. The company requested the approval from the NASDAQ Hearings Panel of the Listing Qualifications Department of the NASDAQ Stock Market LLC after being notified in January 2023 that the exchange planned to delist the company’s securities based on ANPC’s failure to comply with the minimum $2.5 million stockholders’ equity requirement. According to the announcement, the panel advised that July 12, 2023, represents the full extent of its discretion to grant continued listing while the company is noncompliant. “The panel noted that the company indicated that while it has already cured the shareholder equity deficiency, it plans to continue engaging in fund-raising activities throughout the year to maintain its shareholder equity value,” the company announcement stated. “The panel also noted that the company outlined its plan to reduce expenses and acquire a cash-generating business in order to improve its financial position. The panel indicated that it was willing to grant the exception despite the company’s compliance history in light of its claim that it is currently in compliance with the shareholder equity rule and its stated plan to improve its financial condition through cost-cutting measures and acquisition of the food-supply business. The panel indicated that it believes the company has articulated a reasonable plan and should be afforded time to implement this new strategy.”
To view the full press release, visit https://ibn.fm/gxQ8c
About AnPac Bio-Medical Science Co. Ltd.
AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of June 30, 2022. With two certified clinical laboratories in China and one CLIA- and CAP-accredited clinical laboratory in the United States, AnPac Bio performs a suite of cancer-screening and detection tests, including Cancer Differentiation Analysis (“CDA”), biochemical, immunological and genomics tests. The company intends to enter the business-to-business e-commerce food business with the formation of its wholly owned subsidiary Fresh2 Technology and the acquisition of Fresh2 Ecommerce Inc. For more information about the company, visit www.AnPacBio.com.
NOTE TO INVESTORS: The latest news and updates relating to ANPC are available in the company’s newsroom at https://ibn.fm/ANPC
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