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November 11, 2024

Branford-based biotech Quantum-Si at risk of Nasdaq delisting

HBJ PHOTO | STEVE LASCHEVER Serial scientist-entrepreneur Jonathan Rothberg founded three companies that have gone public through SPAC IPOs.
By David Krechevsky

Branford-based biotech firm Quantum-Si Inc. has been notified by The Nasdaq Stock Market that its stock is at risk of being delisted.

In a document filed Nov. 8 with the Securities and Exchange Commission (SEC), the company, which trades on the Nasdaq under the symbol QSI, states that it received a written notice on Nov. 4 that its Class A common stock had fallen below $1 per share for 30 consecutive business days. 

Under Nasdaq rules, the stock therefore no longer meets the minimum bid price requirement “for continued inclusion on The Nasdaq Global Market,” the notice states.

Company officials did not respond to a request for comment.

On Friday, Nov. 8, the stock closed at 94 cents per share. In the past month, the price had fallen as low as 70 cents per share, its 52-week low. The company currently has a market cap of about $344 million.

Quantum-Si said that, under Nasdaq rules, it has been granted 180 calendar days, or until May 5, 2025, to boost its stock to meet the bid price requirement. Under the rules, the price must be at least $1 per share for a minimum of 10 consecutive business days to meet the requirement.

If Quantum-Si is unable to achieve that, it may be eligible for an additional 180-day compliance period by transferring its common stock listing to the Nasdaq Capital Market, meeting other listing requirements and standards and paying an application fee, the notice states.

It also states that if Quantum-Si determines it will not be able to meet the bid price requirement within the compliance period, it will be “subject to delisting,” though it would have an opportunity to appeal that decision.

Quantum-Si said it will monitor its stock price and consider “all available options to regain compliance with the bid price requirement.”

The company is expected to release a report on its third-quarter financial results on Tuesday.

Founded by serial scientist-entrepreneur Jonathan Rothberg to commercialize protein-sequencing technology, Quantum-Si went public in June 2021, merging with New York-based HighCape Capital Acquisition Corp. in a SPAC deal worth $1.46 billion.

In 2022, Quantum-Si made its “Platinum” technology, powered by a semiconductor chip, commercially available. Platinum provides single-molecule protein sequencing, and the technology can be used for proteomic research to advance drug discovery and health diagnostics, according to the company. 

The company originally was based in Guilford, but in April 2023 it relocated to a 29,420-square-foot building at 29 Business Park Drive, Suite C, in Branford. The company signed a seven-year lease and said at the time that it anticipated employing more than 100 people.

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