Enzo Biochem, Inc. Notified of NYSE Non-Compliance; Plans to Address Market Capitalization and Stock Price Deficiencies

Enzo Biochem announced NYSE non-compliance due to low market capitalization and stock price, with plans to address deficiencies.

Quiver AI Summary

Enzo Biochem, Inc. announced that it has been notified by the New York Stock Exchange (NYSE) of its non-compliance with listing standards due to its market capitalization and stockholder equity falling below $50 million, as well as its stock price averaging under $1.00 over the last 30 trading days. The company has 18 months to address the market capitalization and equity issues and six months to rectify the stock price deficiency. Enzo intends to submit a plan to the NYSE by February 21, 2025, to regain compliance, while its stock will continue to be traded on the NYSE during this period.

Potential Positives

• The company has been granted an 18-month period to address deficiencies related to market capitalization and stockholder’s equity, and a 6-month period to resolve the stock price deficiency, providing a clear timeline and opportunity for remediation.
• The notification from the NYSE does not result in immediate delisting, allowing the company to continue trading while it works on regaining compliance.
• Enzo Biochem intends to submit a plan to the NYSE by February 21, 2025, demonstrating proactive engagement with the exchange to address compliance issues.
• The company’s product offerings and technological capabilities in the life sciences sector are highlighted, showcasing its long-standing experience and potential for future growth.

Potential Negatives

• Enzo Biochem has been notified by the NYSE of non-compliance with listing standards, which raises concerns about its financial stability and market position.
• The company must address deficiencies in market capitalization, stockholder’s equity, and average closing stock price within specified timeframes to avoid potential delisting.
• The significant drop in stock price and market capitalization may negatively impact investor confidence and the company's overall valuation.

FAQ

What compliance issues did Enzo Biochem face with the NYSE?

Enzo Biochem is non-compliant due to low market capitalization, stockholder equity, and share price under $1.00.

How long does Enzo have to rectify the compliance issues?

Enzo has 18 months to address market capitalization and stockholder equity issues, and 6 months for the share price deficiency.

Will Enzo Biochem's stock be delisted immediately?

No, the notice does not lead to immediate delisting, and the stock will continue to trade on the NYSE.

What steps is Enzo Biochem planning to address these issues?

Enzo intends to submit a plan by February 21, 2025, to cure identified deficiencies and regain compliance.

How does Enzo Biochem monetize its products?

Enzo primarily monetizes its technology through global sales and licensing of its high-quality life sciences products.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$ENZ Hedge Fund Activity

We have seen 12 institutional investors add shares of $ENZ stock to their portfolio, and 9 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• BBR PARTNERS, LLC added 100,000 shares (+inf%) to their portfolio in Q3 2024
• SQUAREPOINT OPS LLC added 56,646 shares (+inf%) to their portfolio in Q3 2024
• BRIDGEWAY CAPITAL MANAGEMENT, LLC added 48,700 shares (+36.9%) to their portfolio in Q3 2024
• DIMENSIONAL FUND ADVISORS LP removed 35,841 shares (-10.5%) from their portfolio in Q3 2024
• RENAISSANCE TECHNOLOGIES LLC added 27,983 shares (+1.1%) to their portfolio in Q3 2024
• CITADEL ADVISORS LLC added 26,594 shares (+inf%) to their portfolio in Q3 2024
• FNY INVESTMENT ADVISERS, LLC removed 20,000 shares (-100.0%) from their portfolio in Q4 2024

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

FARMINGDALE, N.Y, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Enzo Biochem, Inc. (NYSE: ENZ) (“Enzo” or the “Company”) today announced that it was notified by the New York Stock Exchange (the “NYSE”) 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 $50 million and its last reported stockholder’s equity as of October 31, 2024 was less than $50 million and (ii) the average closing price of the Company’s Common Stock (the “Common Stock”) was less than $1.00 over a consecutive 30 trading-day period. The Company has a period of 18 months to cure the market capitalization and stockholder’s equity deficiencies and a period of six months to cure the average closing stock price deficiency. The notice does not result in the immediate delisting of the Common Stock.

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 $1.00 and (ii) an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Under the NYSE’s listing rules, the price condition will be deemed cured if the price promptly exceeds $1.00 per share and the price remains above that level for at least the following 30 consecutive trading days.

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’s 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’s ongoing compliance with the NYSE's other continued listing standards.

About Enzo Biochem

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’s 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

enzo.com

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LinkedIn

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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’s products, cost of goods sold, other expenses, government regulations, litigation, and general business conditions. See Risk Factors in the Company’s 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.