REHOVOT, Israel, March 20,
2024 /PRNewswire/ -- Evogene Ltd. (Nasdaq: EVGN,
TASE: EVGN) (the "Company", "Evogene"), a leading
computational biology company targeting to revolutionize
life-science product discovery and development across multiple
market segments, today reported that the Company received a letter
(the "Letter") from the Nasdaq Stock Market LLC
("Nasdaq"), indicating that the Company is currently not in
compliance with Nasdaq Rule 5550(a)(2), as the Company's closing
bid price for its ordinary shares has been below $1.00 per share for the last 30 consecutive
business days.
The Nasdaq Stock Market Rules provide the Company with an
additional period of 180 calendar days to regain compliance.
According to the Letter, the Company has until September 16, 2024, to regain compliance with the
minimum bid price requirement. The Company will regain compliance,
if at any time during this 180-day period, the closing bid price of
its ordinary shares is at least $1.00
for a minimum period of ten consecutive business days, in which
case the Company will be provided with a written confirmation of
compliance from Nasdaq and this matter will be closed.
If the Company does not demonstrate compliance (with the bid
price requirement or with any other listing requirements) prior to
the end of the 180-day period ending September 16, 2024, the Nasdaq's staff will
notify the Company that its ordinary shares will be subject to
delisting.
It is noted that Evogene's continued listing on Nasdaq remains a
key priority for the Company. Should the situation not resolve
itself over the above-mentioned timeframe, the Company intends to
consider other available options to cure the deficiency and regain
compliance with the minimum bid requirement within the compliance
period, including potentially approving a reverse share split among
other alternatives.
The Letter from Nasdaq has no immediate effect on the Company's
Nasdaq listing or the trading of its ordinary shares on Nasdaq, and
during the aforementioned cure period, the Company's ordinary
shares will continue to trade on the Nasdaq Capital Market under
the symbol "EVGN". It is further noted that the Letter from Nasdaq
has no bearing on Evogene's listing on the Tel Aviv Stock Exchange,
where its ordinary shares are traded under the ticker symbol
"EVGN".
About Evogene Ltd.:
Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN) is a computational
biology company leveraging big data and artificial
intelligence, aiming to revolutionize the development of
life-science based products by utilizing cutting-edge technologies
to increase the probability of success while reducing development
time and cost.
Evogene established three unique tech-engines -
MicroBoost AI, ChemPass
AI and GeneRator AI. Each tech-engine is
focused on the discovery and development of products based on one
of the following core components: microbes (MicroBoost AI),
small molecules (ChemPass AI), and genetic elements
(GeneRator AI).
Evogene uses its tech-engines to develop products through
strategic partnerships and collaborations, and its five
subsidiaries including:
- Biomica Ltd. (www.biomicamed.com) developing
and advancing novel microbiome-based therapeutics to treat human
disorders powered by MicroBoost AI;
- Lavie Bio
Ltd. (www.lavie-bio.com) - developing and
commercially advancing, microbiome based ag-biologicals powered
by MicroBoost AI;
- AgPlenus Ltd. (www.agplenus.com) -developing next
generation ag chemicals for effective and sustainable crop
protection powered by ChemPass AI;
-
Canonic Ltd. (www.canonicbio.com) –
developing medical cannabis products based on decoding plant
genetics for optimized therapeutic effect powered
by GeneRator AI; and
- Casterra Ag Ltd. (www.casterra.co)–
developing and marketing superior castor seed varieties producing
high yield and high-grade oil content, on an industrial scale for
the biofuel and other industries powered by GeneRator
AI.
For more information, please visit: www.evogene.com.
Forward Looking Statements
This press release contains "forward-looking statements"
relating to future events. These statements may be identified by
words such as "may", "could", "expects", "hopes" "intends",
"anticipates", "plans", "believes", "scheduled", "estimates" or
words of similar meaning. For example, Evogene is using
forward-looking statement in this press release when it discusses
its ability to regain compliance under the Nasdaq's Listing
Qualification requirements including by potentially approving a
reverse share split to regain the $1.00 minimum bid compliance. Such statements are
based on current expectations, estimates, projections and
assumptions, describe opinions about future events, involve certain
risks and uncertainties which are difficult to predict and are not
guarantees of future performance. Therefore, actual future results,
performance or achievements of Evogene and its subsidiaries may
differ materially from what is expressed or implied by such
forward-looking statements due to a variety of factors, many of
which are beyond the control of Evogene and its subsidiaries,
including, without limitation, the current war between
Israel and Hamas and any worsening
of the situation in Israel such as
further mobilizations or escalation in the northern border of
Israel and those risk
factors contained in Evogene's reports filed with the applicable
securities authority. In addition, Evogene and its subsidiaries
rely, and expect to continue to rely, on third parties to conduct
certain activities, such as their field-trials and pre-clinical
studies, and if these third parties do not successfully carry out
their contractual duties, comply with regulatory requirements or
meet expected deadlines, Evogene and its subsidiaries may
experience significant delays in the conduct of their activities.
Evogene and its subsidiaries disclaim any obligation or commitment
to update these forward-looking statements to reflect future events
or developments or changes in expectations, estimates, projections
and assumptions.
Contact
Rachel Pomerantz
Gerber
Head of Investor Relations at
Evogene
rachel.pomerantz@evogene.com
Tel:
+972-8-9311901
Logo -
https://mma.prnewswire.com/media/1947468/Evogene_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/evogene-reports-receipt-of-nasdaq-minimum-bid-price-notification-302094390.html
SOURCE Evogene