GERMANTOWN, MD - Precigen, Inc. (NASDAQ:PGEN), a pharmaceutical preparations company with a market capitalization of $329.48 million, has announced that it has regained compliance with Nasdaq's minimum bid price requirement. The company's common stock maintained a closing price at or above $1.00 per share for 10 consecutive business days, from December 31, 2024, to January 15, 2025, currently trading at $1.11.
This development follows a notification Precigen received on November 1, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC. The notice had indicated that the company was not in compliance with Nasdaq Listing Rule 5450(a)(1), also known as the Bid Price Rule, because its securities had fallen below the minimum bid price of $1.00 for 30 consecutive business days. According to InvestingPro data, the stock has shown strong returns over the last three months, though price movements remain notably volatile.
The company was initially given until April 30, 2025, to meet the Bid Price Rule requirements. However, with the recent increase in stock price, Precigen has satisfied the condition well ahead of the deadline. Nasdaq has since confirmed that Precigen is back in compliance and has closed the matter. Investors should note that InvestingPro analysis indicates the company is currently burning through cash rapidly and faces profitability challenges, with its next earnings report scheduled for February 26, 2025.
Donald P. Lehr, Precigen's Chief Legal Officer, signed off on the 8-K report filed with the SEC on Thursday, January 16, 2025, documenting the company's return to compliance. The report provides assurance to investors and the market that Precigen's stock is once again meeting the standards set by Nasdaq.
The company, formerly known as Intrexon Corp, is incorporated in Virginia and has its principal executive offices in Germantown, Maryland. This announcement, based on a press release statement, marks a positive turn for Precigen after a period of trading below the required threshold.
In other recent news, Precigen, Inc. secured $79 million in private placement and offloaded assets to Innovator 21 for $8.5 million.
Investors received warrants for purchasing over 52 million shares of common stock at $0.75 per share in the private placement. Precigen also terminated its license agreement with Alaunos Therapeutics, reclaiming all previously licensed rights. In its PRGN-2012 gene therapy program for recurrent respiratory papillomatosis, more than half of the patients demonstrated a complete response, reducing surgeries significantly.
The company implemented cost-saving measures and raised $31.4 million through equity issuance, extending its cash runway into early 2025. Analyst firm H.C. Wainwright maintained a Buy rating for Precigen, projecting PRGN-2012 to generate risk-adjusted revenue of $106 million in 2026, growing to $521 million by 2030.
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