Trinity Biotech Receives Non-Compliance Notice Regarding Nasdaq Global Select Requirement for Minimum Market Value of Publicly Held Shares
November 28 2023 - 4:05PM
Trinity Biotech plc (Nasdaq: TRIB) (the “Company”), a leading
developer and manufacturer of diagnostic solutions for the
point-of-care and clinical laboratory markets, today announced that
on November 21, 2023 the Company received notice (the “Notice”)
from the Nasdaq Stock Market LLC (“Nasdaq”) that the Company is not
in compliance with the minimum market value of publicly held shares
("MVPHS") requirement set forth in the Nasdaq Listing Rules.
For continued listing on the Nasdaq Global
Select Market, registrants are required to maintain a minimum MVPHS
of US$15 million in accordance with Nasdaq Listing Rule
5450(b)(3)(c). Nasdaq Listing Rule 5810(c)(3)(D) provides that the
failure to meet the minimum MVPHS requirement exists if the
deficiency continues for a period of 30 consecutive business days.
The Notice states that from October 5 to November 20, 2023, the
Company did not meet the minimum MVPHS requirement.
In the event that the deficiency continues for
six months, the Company may seek to apply for a transfer to The
Nasdaq Capital Market exchange if it meets the requirements for
continued listing thereon.
The Notice does not impact the Company's listing
on the Nasdaq Global Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(D), the Company is provided with 180
calendar days, or until May 20, 2024, to regain compliance with
Nasdaq Listing Rule 5450(b)(3)(c). To regain compliance, the
Company's MVPHS must exceed US$15 million for a minimum of 10
consecutive business days.
If the Company does not regain compliance with
the minimum MVPHS requirement by May 20, 2024, Nasdaq will provide
written notification to the Company that its American depositary
shares (“ADSs”) are subject to delisting. At that time, the Company
may appeal the relevant delisting determination to a hearings panel
pursuant to the procedures set forth in the applicable Nasdaq
Listing Rules. However, there can be no assurance that, if the
Company does appeal the delisting determination by Nasdaq to the
hearings panel, that such appeal would be successful.
The Company intends to monitor its MVPHS between
now and May 20, 2024 and intends to cure the deficiency within the
prescribed grace period. During this time, the Company expects that
the ADSs of the Company will continue to be listed and trade on the
Nasdaq Global Market. The Company's management is evaluating
various options available to regain compliance and maintain its
continued listing.
The Company's business operations are not
affected by the Notification Letter.About Trinity
BiotechTrinity Biotech develops, acquires, manufactures
and markets diagnostic systems, including both reagents and
instrumentation, for the point-of-care and clinical laboratory
segments of the diagnostic market. The products are used to detect
infectious diseases and to quantify the level of Haemoglobin A1c
and other chemistry parameters in serum, plasma and whole blood.
Trinity Biotech sells direct in the United States, Germany, France
and the U.K. and through a network of international distributors
and strategic partners in over 75 countries worldwide. For further
information, please see the Company's website:
www.trinitybiotech.com.
Forward-Looking
StatementsCertain statements made in this release that are
not historical are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The
words “estimate”, “project”, “intend”, “expect”, “believe” and
similar expressions are intended to identify forward-looking
statements. These forward-looking statements involve known
and unknown risks and uncertainties. Many factors could cause
the actual results, performance or achievements of Trinity Biotech
to be materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements, including, but not limited to, the
results of research and development efforts, the effect of
regulation by the U.S. Food and Drug Administration and other
agencies, the impact of competitive products, product development
commercialization and technological difficulties. For
additional information regarding these and other risks and
uncertainties associated with Trinity Biotech’s business, reference
is made to our reports filed from time to time with the U.S.
Securities and Exchange Commission. We undertake no
obligation to update or revise any forward-looking statements for
any reason.
Contact: |
Trinity Biotech plc |
Eric
Ribner |
|
John Gillard |
LifeSci Advisors, LLC |
|
+353-1-2769800 |
+1-646 -751-4363 |
|
|
E-mail:
investorrelations@trinitybiotech.com |
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