Ginkgo Bioworks Holdings (NYSE: DNA) stock plummeted almost 8% in early trading Wednesday as the company received a non-compliance notice from the NYSE.
The New York Stock Exchange (NYSE) has notified Ginkgo Bioworks (DNA) that it does not meet the exchange’s continued listing standards. This noncompliance stems from the average closing price of its Class A common stock falling below $1 over 30 consecutive trading days. The notification, dated Sunday, May 7, 2024, does not immediately impact the stock’s listing status.
Ginkgo Bioworks has indicated its intention to submit a plan to the NYSE outlining steps to regain compliance within the next 10 business days. The company has six months to meet the minimum price requirement. During this grace period, Ginkgo Bioworks’ stock will remain listed and continue trading on the NYSE under the “DNA” symbol. However, an additional “.BC” designation will be appended to the symbol, indicating noncompliance with listing requirements.
It’s important to note that the NYSE notice does not directly affect Ginkgo Bioworks’ business operations. The company remains committed to providing comprehensive services in cell programming across various sectors, including food, agriculture, pharmaceuticals, and industrial chemicals. Additionally, Ginkgo is developing infrastructure and technologies to address biological threats through its Ginkgo Biosecurity division.
Ginkgo Bioworks is exploring all available options to rectify the stock price deficiency and intends to regain compliance with the NYSE’s listing standards within the stipulated timeframe.
Ginkgo Bioworks (NYSE: DNA) Stock Price Action
As of 10:09 a.m. (Eastern Time) Tuesday, DNA stock traded at $0.79, marking a 7.82% decrease compared to the previous trading session.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
