BEIJING, CHINA — Origin Agritech Ltd. submitted an appeal on Jan. 18 asking for more time to present its plan to regain compliance with Nasdaq listing.
The company was to be delisted on Jan. 24, if it did not make an appeal by Jan. 18. If the appeal is approved, the ordinary shares will continue to trade pending a final decision by Nasdaq.
Origin Agritech, a Chinese agricultural technology company, originally received a letter on July 10, 2023, notifying it that the company 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).
As a result, the company was not in compliance with the Nasdaq listing rules. The non-compliance period was from May 24-July 7, 2023.
Origin Agritech said it is committed to maintaining its Nasdag listing and is confident it can meet continuing listing compliance.
The company also said it is working on completing its annual report on Form 20-F as soon as possible.
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 has established a biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits.
