WOBURN, Mass., Jan. 03, 2017 (GLOBE NEWSWIRE) -- Metabolix, Inc. (NASDAQ: MBLX ) announced today that it has received a letter from the NASDAQ OMX Group ("Nasdaq") determining that the Company is eligible for an additional 180-calendar day period, until June 26, 2017, to regain compliance with the minimum $1.00 per share bid price required for continued listing under Listing Rule 5550(a)(2). Per the notice of deficiency received on June 30, 2016, Metabolix had a period of 180-calendar days, or until December 27, 2016, to regain compliance with the minimum bid price requirement. Following a review, Nasdaq determined that the Company was eligible to receive an additional 180-day period on the basis that Metabolix still met the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement, and had provided written notice of its intention to cure the minimum bid price deficiency during the second 180-day compliance period by effecting a reverse stock split, if necessary.
The Company's shares will continue to trade on Nasdaq under the symbol “MBLX.” Metabolix plans to change the company name to Yield10 Bioscience, Inc. and its ticker symbol to “YTEN” in January 2017. This change will reflect the Company’s plan to move forward focusing exclusively on the Yield10 Bioscience mission to address the challenge of global food security, directing its resources toward breakthrough bioscience and innovation to position Yield10 as a leader in novel crop yield trait discovery.
About Metabolix
Metabolix, Inc. has wound down its legacy PHA biopolymer business and is becoming Yield10 Bioscience, Inc. Yield10 is leveraging Metabolix’s extensive track record of innovation based around optimizing the flow of carbon intermediates in living systems with a focus on developing disruptive technologies for step-change improvements in food and feed crop yield. Yield10 is working on new approaches to improve fundamental elements of plant metabolism through enhanced photosynthetic efficiency and directed carbon deposition to seed. Yield10 is advancing the development of several yield traits in crops such as Camelina, canola, soybean and corn. The Company is based in Woburn, MA.
For more information about the company, please visit www.metabolix.com . (MBLX-G)
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical, including, without limitation, statements regarding the Company's intentions with regard to curing the minimum bid price deficiency, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including the risks and uncertainties detailed in Metabolix's filings with the Securities and Exchange Commission. Metabolix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
Metabolix Inquiries: Lynne H. Brum, (617) 682-4693, LBrum@metabolix.com Investor Relations Contact: Amato and Partners, LLC 90 Park Avenue, 17th Floor New York, NY 10016 admin@amatoandpartners.com
