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Trinity Biotech Regains Compliance with Nasdaq Listing Requirements

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Trinity Biotech (Nasdaq: TRIB) has successfully regained compliance with Nasdaq's minimum market value of publicly held shares (MVPHS) requirement. The company received confirmation from Nasdaq on November 6, 2024, following a previous deficiency notice received on November 21, 2023, when its MVPHS fell below the required $15 million threshold. After presenting its compliance plan to the Nasdaq Hearings Panel on July 16, 2024, Trinity was granted an extension until October 31, 2024. The company has now met the requirement, ensuring continued listing on the Nasdaq Global Select Market.

Trinity Biotech (Nasdaq: TRIB) ha ripristinato con successo la conformità con il requisito del valore di mercato minimo delle azioni pubbliche detenute (MVPHS) di Nasdaq. L'azienda ha ricevuto conferma da Nasdaq il 6 novembre 2024, dopo un precedente avviso di non conformità ricevuto il 21 novembre 2023, quando il suo MVPHS era sceso al di sotto della soglia richiesta di 15 milioni di dollari. Dopo aver presentato il suo piano di conformità al Nasdaq Hearings Panel il 16 luglio 2024, a Trinity è stata concessa un'estensione fino al 31 ottobre 2024. L'azienda ha ora soddisfatto il requisito, garantendo la continuazione della quotazione nel Nasdaq Global Select Market.

Trinity Biotech (Nasdaq: TRIB) ha recuperado con éxito la conformidad con el requisito de valor de mercado mínimo de acciones de propiedad pública (MVPHS) de Nasdaq. La compañía recibió confirmación de Nasdaq el 6 de noviembre de 2024, tras un aviso de deficiencia recibido el 21 de noviembre de 2023, cuando su MVPHS cayó por debajo del umbral requerido de 15 millones de dólares. Tras presentar su plan de conformidad al Nasdaq Hearings Panel el 16 de julio de 2024, a Trinity se le otorgó una extensión hasta el 31 de octubre de 2024. La compañía ha cumplido ahora con el requisito, asegurando la continuación de su cotización en el Nasdaq Global Select Market.

트리니티 바이오테크 (Nasdaq: TRIB)는 나스닥의 최소 공공 보유 주식 시장 가치(MVPHS) 요건을 성공적으로 회복했습니다. 회사는 2024년 11월 6일 나스닥으로부터 확인을 받았으며, 이는 2023년 11월 21일에 받은 이전의 불이행 통지 이후입니다. 그 당시 회사의 MVPHS는 요구되는 1,500만 달러 이하로 떨어졌습니다. 2024년 7월 16일 나스닥 청문 위원회에 준수 계획을 제출한 후, 트리니티는 2024년 10월 31일까지 연장을 받았습니다. 이제 회사는 요건을 충족하여 나스닥 글로벌 선택 시장에서의 계속적인 상장을 보장했습니다.

Trinity Biotech (Nasdaq: TRIB) a réussi à rétablir sa conformité avec l'exigence de valeur marchande minimale des actions détenues par le public (MVPHS) de Nasdaq. La société a reçu une confirmation de Nasdaq le 6 novembre 2024, suite à un précédent avis de non-conformité reçu le 21 novembre 2023, lorsque son MVPHS est tombé en dessous du seuil requis de 15 millions de dollars. Après avoir présenté son plan de conformité au Nasdaq Hearings Panel le 16 juillet 2024, Trinity s'est vu accorder un délai jusqu'au 31 octobre 2024. L'entreprise a maintenant satisfait à l'exigence, garantissant ainsi son maintien sur le Nasdaq Global Select Market.

Trinity Biotech (Nasdaq: TRIB) hat erfolgreich die Einhaltung der Mindestanforderung für den Marktwert der öffentlich gehaltenen Aktien (MVPHS) von Nasdaq wiederhergestellt. Das Unternehmen erhielt am 6. November 2024 die Bestätigung von Nasdaq, nachdem es am 21. November 2023 eine vorherige Mitteilung über die Nichteinhaltung erhalten hatte, als sein MVPHS unter die erforderliche Schwelle von 15 Millionen Dollar fiel. Nachdem das Unternehmen seinen Compliance-Plan am 16. Juli 2024 vor dem Nasdaq Hearings Panel vorgestellt hatte, wurde Trinity eine Fristverlängerung bis zum 31. Oktober 2024 gewährt. Das Unternehmen hat nun die Anforderungen erfüllt und sichert damit die fortgesetzte Notierung am Nasdaq Global Select Market.

Positive
  • Successfully regained Nasdaq listing compliance, removing delisting risk
  • Maintains access to capital markets through continued Nasdaq listing
Negative
  • Previously failed to maintain minimum $15M market value of publicly held shares

Insights

Trinity Biotech's regained Nasdaq compliance removes a significant overhang that has been weighing on the stock since November 2023. While this development doesn't directly impact the company's operations or financials, it eliminates the risk of delisting and potential negative consequences like reduced liquidity and institutional investment access.

The $15 million MVPHS threshold achievement suggests improved market confidence, though with a current market cap of about $15.8 million, the company remains close to the minimum requirement. The focus now shifts to execution of strategic initiatives, particularly the continuous glucose monitoring solution development and diagnostics business profitability.

Investors should monitor the company's ability to maintain compliance and deliver on operational goals, as small-cap companies often face challenges maintaining listing requirements during market volatility.

DUBLIN, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq Global Select: TRIB), a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors, today announced that on November 6, 2024, it received written notice from the Nasdaq Stock Market LLC (“Nasdaq”) confirming that the Company has regained compliance with the minimum market value of publicly held shares (“MVPHS”) requirement under Nasdaq Listing Rule 5450(b)(2)(C) (the “MVPHS Requirement”).

“One of my top priorities when taking on the role of CEO last December was to address the pre-existing Nasdaq listing requirement deficiencies. This has now been achieved and we are pleased to have regained compliance with Nasdaq’s listing requirements. We are grateful for the continued support of our shareholders, partners, and employees during this process,” said John Gillard, CEO of Trinity Biotech. “Our management team remains focused on building and delivering long-term value and advancing our strategic initiatives, including the development of our continuous glucose monitoring solution and driving profitability growth in our diagnostics business.”

As previously reported in a Current Report on Form 6-K filed on November 29, 2023, the Company received a deficiency letter from the Nasdaq Listing Qualifications Department on November 21, 2023. The letter notified the Company that, for the preceding 30 consecutive business days, the market value of our publicly held shares had remained below the minimum $15 million threshold required for continued listing on The Nasdaq Global Select Market pursuant to the MVPHS Requirement.

On July 16, 2024, the Company met with the Nasdaq Hearings Panel (the “Panel”) to present its plan to regain compliance with the MVPHS Requirement. Subsequently, on August 1, 2024, the Company was granted an extension until October 31, 2024, to demonstrate compliance. On November 6, 2024, Trinity Biotech was notified that it had successfully demonstrated compliance with the MVPHS Requirement. As a result, the matter is now officially closed and Trinity Biotech shares will continue to trade on the Nasdaq Global Select Market.

Forward-Looking Statements

This release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), including but not limited to statements related to Trinity Biotech’s cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. Trinity Biotech claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterised by the terms “may,” “believes,” “projects,” “expects,” “anticipates,” or words of similar import, and do not reflect historical facts. Specific forward-looking statements contained in this release may be affected by risks and uncertainties, including, but not limited to, our ability to capitalize on our purchase of the assets of Waveform Technologies, our continued listing on the Nasdaq Stock Market, our ability to achieve profitable operations in the future, the impact of the spread of COVID-19 and its variants, potential excess inventory levels and inventory imbalances at the company’s distributors, losses or system failures with respect to Trinity Biotech’s facilities or manufacturing operations, the effect of exchange rate fluctuations on international operations, fluctuations in quarterly operating results, dependence on suppliers, the market acceptance of Trinity Biotech’s products and services, the continuing development of its products, required government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Trinity Biotech’s intellectual property or claims of infringement of intellectual property asserted by third parties and risks related to condition of the United States economy and other risks detailed under “Risk Factors” in Trinity Biotech’s annual report on Form 20-F for the fiscal year ended December 31, 2023 and Trinity Biotech’s other periodic reports filed from time to time with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements were made. Trinity Biotech does not undertake and specifically disclaims any obligation to update any forward-looking statements.

About Trinity Biotech

Trinity Biotech is a commercial stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors. The Company 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 and has recently entered the wearable biosensor industry, with the acquisition of the biosensor assets of Waveform Technologies Inc. and intends to develop a range of biosensor devices and related services, starting with a continuous glucose monitoring product. Our 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 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.

Contact: Trinity Biotech plc 
Louise Tallon
(353)-1-2769800
LifeSci Partners, LLC
Eric Ribner
(1)-646-751-4363
investorrelations@trinitybiotech.com
   
  RedChip Companies Inc.
Dave Gentry, CEO
(1)-407-644-4256
TRIB@redchip.com



FAQ

When did Trinity Biotech (TRIB) regain Nasdaq compliance?

Trinity Biotech regained Nasdaq compliance on November 6, 2024, when it received written confirmation from Nasdaq that it met the minimum market value of publicly held shares requirement.

What was the minimum market value requirement Trinity Biotech (TRIB) needed to meet for Nasdaq?

Trinity Biotech needed to maintain a minimum market value of publicly held shares (MVPHS) of $15 million to comply with Nasdaq Listing Rule 5450(b)(2)(C).

When did Trinity Biotech (TRIB) receive the initial Nasdaq deficiency notice?

Trinity Biotech received the initial Nasdaq deficiency notice on November 21, 2023, after failing to maintain the required minimum market value of publicly held shares for 30 consecutive business days.

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