NYSE MKT LLC told Oragenics Inc. that it is no longer compliant with the exchange's listing standards.
The small-cap securities market said Oragenics was not in compliance with stockholders' equity requirements as the company's reported stockholders' equity as of March 31 was $1.2 million and it has net losses in two of the last three most recent fiscal years ended Dec. 31, 2016.
The company previously fell out of compliance with stockholders' equity requirements and was notified twice, on May 13, 2016, and June 21, 2016.
Oragenics submitted a plan June 10, 2016, to regain compliance by Nov. 10, which the exchange accepted, subject to periodic review for compliance with the initiatives set forth in the plan.
If the company is not in compliance by Nov. 10, or if it does not make progress consistent with the plan during the given period, the NYSE Regulation staff may initiate delisting proceedings as appropriate.
Oragenics common stock will continue to trade under the symbol OGEN but will have an added designation of ".BC" to indicate that the company is not in compliance with the exchange's listing requirements.
The notice does not affect the company's business operations or its U.S. Securities and Exchange Commission reporting requirements and does not conflict with or cause an event of default under any of its material agreements.