T2 Biosystems Regains Compliance with Nasdaq Continued Listing Requirements

Rhea-AI Summary

T2 Biosystems (NASDAQ:TTOO) announced on May 22, 2024, that it has regained compliance with Nasdaq's market value of listed securities (MVLS) requirement. The company initially received a delisting notice on November 22, 2023, for failing to maintain an MVLS of at least $35 million over 30 consecutive business days. Following an appeal, the Nasdaq Hearings Panel granted an exception through May 20, 2024. T2 Biosystems successfully met the requirement by maintaining the necessary MVLS for 10 consecutive trading days as of May 16, 2024, thus ensuring continued listing on Nasdaq's Capital Market.

Positive

• T2 Biosystems has regained compliance with Nasdaq MVLS requirements, ensuring continued listing on Nasdaq Capital Market.
• Compliance was achieved by maintaining an MVLS of at least $35 million for 10 consecutive trading days.
• The successful compliance was confirmed on May 16, 2024.

Negative

• The company had previously received a delisting notice on November 22, 2023, due to failing to maintain the required MVLS.
• T2 Biosystems needed an appeal and an exception from the Nasdaq Hearings Panel to avoid delisting.

LEXINGTON, Mass., May 22, 2024 (GLOBE NEWSWIRE) -- 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 Biosystems
T2 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 Statements
This 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 Group
philip@gilmartinIR.com
415-937-5406

FAQ

What is the current compliance status of T2 Biosystems with Nasdaq?

As of May 22, 2024, T2 Biosystems has regained compliance with Nasdaq's MVLS requirement and continues to be listed on the Nasdaq Capital Market.

What led to T2 Biosystems receiving a delisting notice from Nasdaq?

T2 Biosystems received a delisting notice on November 22, 2023, for not maintaining an MVLS of at least $35 million for 30 consecutive business days.

When did T2 Biosystems regain compliance with Nasdaq's listing requirements?

T2 Biosystems regained compliance on May 16, 2024, as it maintained an MVLS of at least $35 million for 10 consecutive trading days.

What actions did T2 Biosystems take to regain compliance with Nasdaq?

T2 Biosystems appealed to the Nasdaq Hearings Panel and was granted an exception until May 20, 2024. The company met the MVLS requirement by May 16, 2024.