Summary by Futu AI
Burning Rock Biotech Limited, a precision oncology company utilizing next generation sequencing technology, announced on January 4, 2024, that it received a notification from NASDAQ on December 29, 2023, regarding non-compliance with the minimum bid price requirement. For 30 consecutive business days, the closing bid price of the company's American depositary shares (ADSs) was below the required $1.00 per share. The NASDAQ notice does not currently affect the trading of Burning Rock's securities. The company has until June 26, 2024, to regain compliance with the minimum bid price rule, which can be achieved if its closing bid price reaches $1.00 for at least 10 consecutive business days during this period. If compliance is not met by the deadline, Burning Rock may be granted an additional 180 days to meet the requirement. The company's operations remain unaffected by this notice, and it plans to take reasonable measures to regain compliance. Burning Rock's business includes NGS-based therapy selection testing for late-stage cancer patients and NGS-based cancer early detection, which is in the clinical validation stage.