iBio, Inc. Announces NYSE American Acceptance of Plan of Compliance
17 January 2020 - 12:00AM
IBIO, INC. (NYSE AMERICAN: IBIO) (“IBIO” OR THE
“COMPANY”), today announced that it has received notice
from NYSE American LLC (the “Exchange”) that NYSE Regulation has
accepted the Company’s November 15, 2019 plan to regain compliance
with the Exchange’s continued listing standards set forth in
Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the NYSE
American Company Guide (the “Company Guide”) and has granted a plan
period through December 9, 2020, subject to periodic review by the
Exchange, including quarterly monitoring, for compliance with the
initiatives outlined in the plan. If the Company is not in
compliance with the continued listing standards by December 9,
2020, or if the Company does not make progress consistent with the
plan during the plan period, the NYSE Regulation staff will
initiate delisting proceedings as appropriate.
The Exchange previously notified the Company by
letter dated October 16, 2019, that the Company is not in
compliance with Section 1003(a)(ii) of the NYSE American Company
Guide, which applies if a listed company has stockholders’ equity
of less than $4,000,000 and has reported losses from continuing
operations and/or net losses in three of its four most recent
fiscal years, and Section 1003(a)(iii) of the NYSE American Company
Guide, which applies if a listed company has stockholders’ equity
of less than $6,000,000 and has reported losses from continuing
operations and/or net losses in its five most recent fiscal years,
as reported in the Company’s Current Report on Form 8-K filed with
the Securities and Exchange Commission on October 22, 2019. On
December 9, 2019, the Company received a further notice from NYSE
American (the “Exchange”) that the Company currently is below the
Exchange’s continued listing standards set forth in Section
1003(a)(i) of the NYSE American Company Guide, which applies if a
listed company has stockholders’ equity of less than $2,000,000 and
has reported losses from continuing operations and/or net losses in
two of its three most recent fiscal years, as reported in the
Company’s Current Report on Form 8-K filed with the Securities and
Exchange Commission on December 13, 2019.
The December 9, 2019 notification from the
Exchange also stated that the Exchange has determined that the
Company’s securities have been selling for a low price per share
for a substantial period of time and pursuant to Section 1003(f)(v)
of the NYSE American Company Guide, the Company’s continued listing
on the Exchange is predicated on the Company effecting a reverse
stock split or otherwise demonstrating sustained improvement in its
share price within a reasonable period of time, which the Exchange
has determined to be no later than June 9, 2020.
The notice from the Exchange that the Company’s
plan of compliance has been accepted has no immediate impact on the
listing of the Company’s common stock on the Exchange. The listing
of the Company’s common stock on the Exchange is being continued
pursuant to an extension during the plan period.
About iBio, Inc.iBio, Inc., is
a global leader in plant-based biologics manufacturing.
Its FastPharming System™ combines
vertical farming, automated hydroponics, and glycan engineering
technologies to rapidly deliver gram quantities of high-quality
monoclonal antibodies, vaccines, bioinks and other proteins. The
Company’s subsidiary, iBio CDMO LLC,
provides FastPharming Contract
Development and Manufacturing Services via its 130,000 square foot
facility in Bryan, Texas. iBio CDMO also enables innovators to use
the FastPharming System for insourced
manufacturing with Factory Solutions “design-and-build” services.
Additionally, iBio’s
FastGlycaneering Development Service™
includes an array of new glycosylation technologies for engineering
high-performance recombinant proteins. iBio is also developing
proprietary products which include its lead asset, IBIO-100, for
the treatment of fibrotic diseases. For more information,
visit www.ibioinc.com.
FORWARD-LOOKING STATEMENTS
STATEMENTS INCLUDED IN THIS NEWS RELEASE RELATED
TO IBIO, INC. MAY CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
SUCH STATEMENTS INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES SUCH AS
COMPETITIVE FACTORS, TECHNOLOGICAL DEVELOPMENT, MARKET DEMAND, AND
THE COMPANY'S ABILITY TO OBTAIN NEW CONTRACTS AND ACCURATELY
ESTIMATE NET REVENUES DUE TO VARIABILITY IN SIZE, SCOPE, AND
DURATION OF PROJECTS. FURTHER INFORMATION ON POTENTIAL RISK FACTORS
THAT COULD AFFECT THE COMPANY'S FINANCIAL RESULTS CAN BE FOUND IN
THE COMPANY'S REPORTS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.
Contact:Stephen KilmerInvestor
Relations(646) 274-3580skilmer@ibioinc.com
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