Biocept Announces Receipt of Notice of Deficiency from Nasdaq Regarding Requirement for Timely Quarterly Reporting on Form 10-Q
SAN DIEGO–(BUSINESS WIRE)–Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostics assays, products and services, announces that it received a Notice (the “Notice”) on August 17, 2022 from the Department Nasdaq Stock Market LLC (“Nasdaq”) listing qualifications advising Biocept that it was not in compliance with Nasdaq’s continuing listing requirements under Nasdaq Listing Rule 5250(c)(1) ) (the “Rule”) for its failure to file its quarterly report on Form 10-Q for the quarter ended June 30, 2022 (the “Form 10-Q”) in a timely manner.
The rule requires listed companies to file all required periodic reports with the Securities and Exchange Commission (the “SEC”) in a timely manner. Biocept had previously reported in its Form 12b-25 filed with the SEC on August 16, 2022 that Biocept was unable to file Form 10-Q within the prescribed time frame due to an ongoing accounting review, including analysis of previously reported material weaknesses and matters relating to the United States Health Resources Services Administration and its funding for reimbursement of COVID-19 testing services performed by Biocept.
Under Nasdaq rules, Biocept has 60 calendar days from receipt of the notice, or until October 17, 2022, to submit a plan to restore compliance with the rule. If Nasdaq accepts Biocept’s plan, Nasdaq may allow Biocept up to 180 calendar days from the due date of the Form 10-Q, or until February 13, 2023, to regain compliance.
In response to the notice, Biocept intends to file the Form 10-Q as quickly as possible in order to restore compliance with the rule. If Biocept does not submit Form 10-Q by October 17, 2022, it intends to timely submit a plan to regain compliance with the rule.
Biocept, Inc. develops and markets molecular diagnostic tests that provide physicians with clinically actionable information for the treatment and monitoring of patients diagnosed with a variety of cancers. In addition to its broad portfolio of blood-based liquid biopsy tests, Biocept has developed the CNSide™ cerebrospinal fluid test that detects cancer that has metastasized to the central nervous system. Biocept’s patented Target Selector™ technology captures and quantitatively analyzes cerebrospinal fluid tumor cells for tumor-associated molecular markers, using technology originally developed for use in blood. Biocept is also leveraging its molecular diagnostic capabilities to offer COVID-19 RT-PCR testing nationwide to support public health efforts during this unprecedented pandemic. For more information, visit www.biocept.com. Follow Biocept on Facebook, LinkedIn and Twitter.
Disclaimer of Forward-Looking Statements
This press release contains forward-looking statements based on current expectations or beliefs, as well as a number of assumptions regarding future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions on which they are based are reasonable, we cannot guarantee that these expectations and assumptions will prove to be correct. Forward-looking statements are generally identifiable by the use of words such as “expect”, “may” and “intend” or the negative form of these words or other variations of these words or a comparable terminology. To the extent that statements contained in this press release are not strictly historical, including, without limitation, statements relating to the filing of Form 10-Q, the possibility that Nasdaq may grant us an extension to file the form 10-Q and our ability In order to restore compliance with Nasdaq’s continuous listing standards, these statements are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. statements, as such statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties associated with: the ongoing accounting review of our financial statements; previously reported material weaknesses in our internal control over financial reporting and the potential for new material weaknesses; the recent appointment of our independent registered public accounting firm, RSM US LLP (“RSM”), including risks related to the fact that RSM has not audited or reviewed any of our historical financial statements; resource constraints; and other factors that may affect our ability to file Form 10-Q and our ability to regain compliance with the rule. These and other risks and uncertainties facing us are described in our filings with the SEC, including under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 2022, as filed with the SEC on May 23, 2022. The effects of these risks and uncertainties could cause actual results to differ materially from the forward-looking statements contained in this press release. We do not plan to update these forward-looking statements and expressly disclaim any obligation to update the information in this press release except as required by law. Readers are referred to our filings with the SEC at http://www.sec.gov/.