Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On November 18, 2022, Fulgent Genetics, Inc. (the “Company”) received a letter (the “Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company was no longer in compliance with the audit committee requirements as set forth in Nasdaq Listing Rule 5605, which requires the Audit Committee of the Board of Directors of the Company (the “Audit Committee”) to be comprised of a minimum of three independent directors. The Audit Committee is currently comprised of two independent directors and one vacancy. The Letter provides that the Company is eligible for a cure period in which to regain compliance with Nasdaq Listing Rule 5605. This cure period will expire at the earlier of the Company’s next annual meeting of stockholders or October 31, 2023. Alternatively, if the company’s next annual meeting is held before May 1, 2023then the Company must demonstrate compliance no later than May 1, 2023.
The Company intends to appoint an additional independent director to the Board and the Audit Committee as soon as practicable and prior to the expiration of this cure period, but there can be no assurance that the Company will be able to regain compliance with Nasdaq Listing Rule 5605 or maintain compliance with any other listing requirements. The Letter has no immediate effect on the listing or trading of the Company’s common stock, which will continue to be listed and traded on the Nasdaq Global Market under the symbol “FLGT”, subject to the Company’s compliance with the other Nasdaq listing requirements. —————————————————— ——————————
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