T2 Biosystems Regains Compliance with Nasdaq Continued Listing Requirements
May 22 2024 - 9:00AM
T2 Biosystems, Inc. (NASDAQ:TTOO) (the “Company”), a leader in the
rapid detection of sepsis-causing pathogens and antibiotic
resistance genes, today announced that it received written notice
from the Nasdaq Stock Market LLC (“Nasdaq”) on May 21, 2024
informing the Company that it has regained compliance with the
market value of listed securities (“MVLS”) requirement, as set
forth in Nasdaq Listing Rule 5550(b)(2) (the “Rule”) for continued
listing on the Nasdaq Capital Market.
On November 22, 2023, the Company received
written notice from Nasdaq informing the Company that Nasdaq had
determined to delist the Company, as it was not in compliance with
the Nasdaq’s MVLS requirement because it failed to maintain a MVLS
of at least $35 million for a period of 30 consecutive business
days. On February 15, 2024, the Company appealed to the Nasdaq
Hearings Panel for an exception to the MVLS requirement through May
20, 2024. On March 11, 2024, the Company received notice from the
Nasdaq Hearings Panel that it had granted the Company an exception
to the Nasdaq requirements, subject to the Company demonstrating
compliance with the Rule on or before May 20, 2024.
To regain compliance with the Rule, the Company
was required to maintain a MVLS of at least $35 million for at
least 10 consecutive trading days on or before May 20, 2024. This
requirement was met on May 16, 2024, the tenth consecutive trading
day when the MVLS was at least $35 million. The Company is
currently in full compliance with NASDAQ continued listing
requirements.
About T2 BiosystemsT2 Biosystems, a leader in
the rapid detection of sepsis-causing pathogens and antibiotic
resistance genes, is dedicated to improving patient care and
reducing the cost of care by helping clinicians effectively treat
patients faster than ever before. T2 Biosystems’ products include
the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel,
the T2Resistance® Panel, and the T2Biothreat™ Panel, and are
powered by the proprietary T2 Magnetic Resonance (T2MR®)
technology. T2 Biosystems has an active pipeline of future
products, including the U.S. T2Resistance Panel, the Candida auris
test, and the T2Lyme™ Panel. For more information, please visit
www.t2biosystems.com.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements, including, without limitation, statements about the
Company’s ability to maintain compliance with the listing
requirements of the Nasdaq Capital Market, including its ability to
effect a reverse share split, as well as statements that include
the words “expect,” “intend,” “plan”, “believe”, “project”,
“forecast”, “estimate,” “may,” “should,” “anticipate,” and similar
statements of a future or forward looking nature. These
forward-looking statements are based on management’s current
expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to, (i) any
inability to (a) realize anticipated benefits from commitments,
contracts or products; (b) successfully execute strategic
priorities; (c) bring products to market; (d) expand product usage
or adoption; (e) obtain customer testimonials; (f) accurately
predict growth assumptions; (g) realize anticipated revenues; (h)
incur expected levels of operating expenses; or (i) increase the
number of high-risk patients at customer facilities; (ii) failure
of early data to predict eventual outcomes; (iii) failure to make
or obtain anticipated FDA filings or clearances within expected
time frames or at all; or (iv) ability to continue as a going
concern, or (v) the factors discussed under Item 1A. “Risk Factors”
in the company’s Annual Report on Form 10-K for the year ended
December 31, 2023, filed with the U.S. Securities and Exchange
Commission, or SEC, on April 1, 2024, and other filings the company
makes with the SEC from time to time. These and other important
factors could cause actual results to differ materially from those
indicated by the forward-looking statements made in this press
release. Any such forward-looking statements represent management’s
estimates as of the date of this press release. While the company
may elect to update such forward-looking statements at some point
in the future, unless required by law, it disclaims any obligation
to do so, even if subsequent events cause its views to change.
Thus, no one should assume that the Company’s silence over time
means that actual events are bearing out as expressed or implied in
such forward-looking statements. These forward-looking statements
should not be relied upon as representing the company’s views as of
any date subsequent to the date of this press release.
Investor Contact:Philip Trip Taylor, Gilmartin
Groupphilip@gilmartinIR.com 415-937-5406
T2 Biosystems (NASDAQ:TTOO)
Historical Stock Chart
From Jul 2024 to Aug 2024
T2 Biosystems (NASDAQ:TTOO)
Historical Stock Chart
From Aug 2023 to Aug 2024