Enzo Biochem Receives Notice of Non-Compliance with New York Stock Exchange Listing Rules
Enzo Biochem (NYSE: ENZ) has received a non-compliance notice from the New York Stock Exchange due to two main issues: (1) its 30-day average market capitalization and stockholder's equity as of October 31, 2024, were both below $50 million, and (2) its average closing stock price was under $1.00 over a 30-day trading period.
The company has 18 months to address the market capitalization and stockholder's equity deficiencies, and 6 months to resolve the stock price issue. To regain compliance on stock price, ENZ must achieve a closing price of at least $1.00 and maintain an average closing price of $1.00 over a 30-day period.
ENZ will notify the NYSE by January 23, 2025, of its intention to submit a compliance plan by February 21, 2025. The stock continues to trade on the NYSE while the company explores solutions to meet listing requirements.
Enzo Biochem (NYSE: ENZ) ha ricevuto una notifica di non conformit脿 dalla Borsa di New York a causa di due principali problemi: (1) la sua capitalizzazione di mercato media a 30 giorni e il capitale netto degli azionisti al 31 ottobre 2024 erano entrambi inferiori a 50 milioni di dollari, e (2) il prezzo medio di chiusura delle azioni era al di sotto di $1,00 per un periodo di negoziazione di 30 giorni.
L'azienda ha 18 mesi per affrontare le carenze relative alla capitalizzazione di mercato e al capitale netto degli azionisti, e 6 mesi per risolvere il problema del prezzo delle azioni. Per recuperare la conformit脿 sul prezzo delle azioni, ENZ deve raggiungere un prezzo di chiusura di almeno $1,00 e mantenere un prezzo medio di chiusura di $1,00 per un periodo di 30 giorni.
ENZ notificher脿 la NYSE entro il 23 gennaio 2025, della sua intenzione di presentare un piano di conformit脿 entro il 21 febbraio 2025. Il titolo continua a essere scambiato alla NYSE mentre l'azienda esplora soluzioni per soddisfare i requisiti di quotazione.
Enzo Biochem (NYSE: ENZ) ha recibido un aviso de incumplimiento de la Bolsa de Nueva York debido a dos problemas principales: (1) su capitalizaci贸n de mercado promedio a 30 d铆as y el patrimonio de los accionistas a fecha del 31 de octubre de 2024, estaban por debajo de 50 millones de d贸lares, y (2) su precio de cierre promedio de las acciones se encontraba por debajo de $1.00 durante un per铆odo de negociaci贸n de 30 d铆as.
La empresa tiene 18 meses para abordar las deficiencias en su capitalizaci贸n de mercado y patrimonio de los accionistas, y 6 meses para resolver el problema del precio de las acciones. Para recuperar la conformidad en el precio de las acciones, ENZ debe alcanzar un precio de cierre de al menos $1.00 y mantener un precio de cierre promedio de $1.00 durante un per铆odo de 30 d铆as.
ENZ notificar谩 a la NYSE antes del 23 de enero de 2025, sobre su intenci贸n de presentar un plan de cumplimiento antes del 21 de febrero de 2025. La acci贸n contin煤a negoci谩ndose en la NYSE mientras la empresa explora soluciones para cumplir con los requisitos de cotizaci贸n.
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Enzo Biochem (NYSE: ENZ) a re莽u un avis de non-conformit茅 de la Bourse de New York en raison de deux principaux probl猫mes : (1) sa capitalisation boursi猫re moyenne sur 30 jours et les capitaux propres des actionnaires au 31 octobre 2024 茅taient tous deux inf茅rieurs 脿 50 millions de dollars, et (2) son prix de cl么ture moyen 茅tait inf茅rieur 脿 1,00 $ sur une p茅riode de n茅gociation de 30 jours.
La soci茅t茅 dispose de 18 mois pour rem茅dier aux insuffisances en mati猫re de capitalisation boursi猫re et de capitaux propres des actionnaires, et de 6 mois pour r茅soudre le probl猫me du prix des actions. Pour retrouver la conformit茅 sur le prix des actions, ENZ doit atteindre un prix de cl么ture d'au moins 1,00 $ et maintenir un prix de cl么ture moyen de 1,00 $ sur une p茅riode de 30 jours.
ENZ informera la NYSE avant le 23 janvier 2025 de son intention de soumettre un plan de conformit茅 d'ici le 21 f茅vrier 2025. L'action continue d'锚tre n茅goci茅e 脿 la NYSE tandis que la soci茅t茅 explore des solutions pour r茅pondre aux exigences d'inscription.
Enzo Biochem (NYSE: ENZ) hat eine Mitteilung 眉ber die Nichteinhaltung von der New Yorker B枚rse erhalten, die auf zwei Hauptprobleme zur眉ckzuf眉hren ist: (1) die 30-Tage-Durchschnittsbewertung der Marktkapitalisierung und das Eigenkapital der Aktion盲re lagen zum 31. Oktober 2024 beide unter 50 Millionen Dollar und (2) der durchschnittliche Schlusskurs der Aktie lag 眉ber einen Zeitraum von 30 Tagen unter 1,00 $.
Das Unternehmen hat 18 Monate, um die M盲ngel in der Marktkapitalisierung und im Eigenkapital der Aktion盲re zu beheben, und 6 Monate, um das Problem mit dem Aktienkurs zu l枚sen. Um wieder konform zu sein, muss ENZ einen Schlusskurs von mindestens 1,00 $ erreichen und einen durchschnittlichen Schlusskurs von 1,00 $ 眉ber einen Zeitraum von 30 Tagen aufrechterhalten.
ENZ wird der NYSE bis zum 23. Januar 2025 seine Absicht mitteilen, einen Compliance-Plan bis zum 21. Februar 2025 einzureichen. Die Aktie wird weiterhin an der NYSE gehandelt, w盲hrend das Unternehmen L枚sungen zur Erf眉llung der Listungsanforderungen ermittelt.
- Company maintains NYSE listing during compliance period
- 18-month window provided to address market cap and equity issues
- 6-month period granted to resolve stock price deficiency
- Market capitalization below $50 million threshold
- Stockholder's equity below $50 million requirement
- Stock trading below $1.00 minimum price requirement
- Risk of potential NYSE delisting if compliance not achieved
Insights
This NYSE non-compliance notice represents a critical juncture for Enzo Biochem, highlighting severe financial distress across multiple metrics. The company faces a triple threat: market cap below
The requirements for compliance restoration are stringent - maintaining a
For context, this situation typically signals heightened investment risk, as companies facing multiple NYSE compliance issues have historically shown a roughly
The non-compliance notice triggers critical governance implications that extend beyond mere listing requirements. This situation demands immediate board action and strategic intervention. The company must navigate complex regulatory requirements while maintaining operational stability and investor confidence. The tight deadline of January 23 for acknowledging the intent to submit a compliance plan, followed by the February 21 submission deadline, creates significant pressure on management to develop a comprehensive turnaround strategy.
Historical data shows that successful recovery from multiple listing standard violations typically requires a combination of strategic initiatives:
- Capital raising through equity or debt offerings
- Strategic divestitures or asset sales
- Operational restructuring to improve financial metrics
- Corporate actions such as reverse stock splits
FARMINGDALE, N.Y, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Enzo Biochem, Inc. (NYSE: ENZ) (鈥淓nzo鈥� or the 鈥淐ompany鈥�) today announced that it was notified by the New York Stock Exchange (the 鈥淣YSE鈥�) that it is not in compliance with Section 802.01B and Section 802.01C of the NYSE Listed Company Manual because (i) its 30 trading-day average market capitalization was less than
With regards to the average closing stock price deficiency, the Company can regain compliance at any time within the six-month period following receipt of the NYSE's non-compliance notice if, on the last trading day of any calendar month during the cure period, the Company has (i) a closing share price of at least
The Company will notify the NYSE by January 23, 2025, that it intends to submit a plan by February 21, 2025, to cure the market capitalization, stockholder鈥檚 equity and average closing stock price deficiencies and to return to compliance with the NYSE's continued listing standards. The Company intends to consider all available alternatives to cure the deficiencies identified by the NYSE.
The Common Stock will continue to be listed and trade on the NYSE, subject to the Company鈥檚 ongoing compliance with the NYSE's other continued listing standards.
Enzo Biochem, Inc. has operated as a life sciences company for over 45 years. The primary business of Enzo today is conducted through its Life Sciences division, Enzo Life Sciences, which focuses on labeling and detection technologies from DNA to whole cell analysis, including a comprehensive portfolio of thousands of high-quality products, including antibodies, genomic probes, assays, biochemicals, and proteins. The Company鈥檚 proprietary products and technologies play central roles in translational research and drug development areas, including cell biology, genomics, assays, immunohistochemistry, and small molecule chemistry. The Company monetizes its technology primarily via sales through our global distribution network and licensing. For more information, please visit 聽or follow Enzo Biochem on聽听补苍诲听.
Forward-Looking Statements
Except for historical information, the matters discussed in this release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management, which are dependent on a number of factors outside of the control of the Company including, inter alia, the markets for the Company鈥檚 products, cost of goods sold, other expenses, government regulations, litigation, and general business conditions. See Risk Factors in the Company鈥檚 Form 10-K for the fiscal year ended July 31, 2024. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this release.
| Enzo Biochem Contacts |
| For Enzo Biochem: |
| Patricia Eckert, Chief Financial Officer Enzo Biochem 631-755-5500 peckert@enzo.com |
FAQ
What NYSE compliance issues does Enzo Biochem (ENZ) face in January 2025?
How long does ENZ have to resolve its NYSE listing deficiencies?
What is the minimum stock price ENZ needs to maintain for NYSE compliance?
When will ENZ submit its compliance plan to the NYSE?
Will ENZ be immediately delisted from the NYSE due to non-compliance?
