It took less than a month for Branford-based biotech firm Quantum-Si Inc. to regain compliance for listing its stock on The Nasdaq Stock Market.
In a filing with the Securities and Exchange Commission last week, the company said it had been notified by Nasdaq that, as of Dec. 4, it had regained compliance with the bid price requirement. One month earlier, the company, which trades on the Nasdaq under the symbol QSI, stated that it had received a written notice 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 met the minimum bid price requirement “for continued inclusion on The Nasdaq Global Market,” the notice stated, adding that the company had 180 days to regain compliance.
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.
After its stock hit a low of 63 cents per share on Nov. 19, the stock jumped to $1.39 per share the next day and has not traded below $1 per share since.
The jump in price coincided with an investor and analyst event the company hosted in New York City on Nov. 20. During that event, Quantum-Si announced the “next-generation” version of its technology, called Platinum Pro, as well as Proteus, its new, “cutting-edge proteomics platform of the future,” which is now under development.
Platinum Pro, which is scheduled to launch in the first half of 2025, will provide a streamlined workflow, reducing hands-on time, and faster processing time, the company said. It will also offer a “Pro Mode,” allowing for custom application development.
Proteus, which is scheduled to launch in the second half of 2026, will enable a broad range of capabilities for proteomic analysis, including ultrasensitive detection of proteoforms, unbiased interrogation of high complexity samples, and new rapid sequencing chemistry that can reduce the run time per sample to 90 minutes or less, the company said.
Tuesday morning, Quantum-Si’s stock was trading around $1.90 per share.
While the company said it will continue to monitor the closing bid price of its common stock, it added that the delisting issue “is now closed.”
