AquaBounty faces being kicked off the stock market

Former land-based salmon farmer AquaBounty has been warned that it will be de-listed from the Nasdaq Stock Market if its share price doesn’t rise to above US $1.00 by mid-July, the company said in a market announcement today.

The warning from the Nasdaq’s Listing Qualifications Department was triggered because AquaBounty’s shares have closed below $1 for each of the last 32 business days.

In December, AquaBounty announced that it was winding down its hatchery operations in Bay Fortune, Prince Edward Island, Canada, including a reduction of its workforce and the exit of several senior management members. 

Last farm

Bay Fortune was AquaBounty’s only remaining operating farm following the sale of its recirculating aquaculture system (RAS) facility in Albany, Indiana. The wind down included the culling of all remaining fish and a reduction of substantially all personnel over the course of several weeks.

Equipment that had been bought for AquaBounty’s half-built RAS facility in Pioneer, Ohio, has been listed for auction next month.

AquaBounty, which farmed faster growing genetically modified Atlantic salmon, said today that it intends to monitor the closing bid price of its shares and may, if appropriate, evaluate various courses of action to regain compliance with the Minimum Bid Price Requirement.