T2 Biosystems Regains Compliance with Nasdaq’s Minimum Bid Price Rule

Rhea-AI Summary

T2 Biosystems (NASDAQ:TTOO) announced on November 1, 2022, that it has regained compliance with NASDAQ's minimum bid price requirement after being notified in November 2021 of non-compliance. The company maintained a closing bid price above $1.00 for ten consecutive trading days, achieving the necessary compliance status on October 26, 2022. T2 Biosystems specializes in rapid detection of sepsis-causing pathogens and antibiotic resistance genes, offering various diagnostic panels powered by its proprietary technology.

Positive

• Regained compliance with NASDAQ minimum bid price rule.
• Achieved ten consecutive trading days above $1.00 closing bid price.

Negative

• None.

LEXINGTON, Mass., Nov. 01, 2022 (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 October 31, 2022 informing the Company that it has regained compliance with the minimum bid price requirement under NASDAQ Listing Rule 5550(a)(2) for continued listing on the NASDAQ Capital Market.

As previously reported, T2 Biosystems was notified by NASDAQ on November 05, 2021 that it was not in compliance with the minimum bid price rule because its common stock failed to meet the closing bid price of $1.00 for a period of 30 consecutive business days. To regain compliance with the Rule, the Company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. This requirement was met on October 26, 2022, the tenth consecutive trading day when the closing bid price of the Company's common stock was greater than $1.00, and the matter is now closed.

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 T2SARS-CoV-2^™ Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR^®) technology. T2 Biosystems has an active pipeline of future products, including the T2Biothreat^™ Panel, the T2Cauris^™ Panel, and T2Lyme^™ Panel, as well as next-generation products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers. 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 regarding our expectations with respect to compliance with the minimum bid price requirements for maintaining our listing on the Nasdaq Capital Market, as well as statements that include the words “expect,” “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) market conditions and their impact on the Company’s trading price on the Nasdaq Capital Market; (ii) other factors discussed in the Proxy Statement; and (iv) other factors discussed under Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC, on March 23, 2022, and other filings the Company makes with the SEC from time to time, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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
ir@T2Biosystems.com
415-937-5406

FAQ

What did T2 Biosystems announce on November 1, 2022?

T2 Biosystems announced that it regained compliance with NASDAQ's minimum bid price requirement.

What is the significance of T2 Biosystems regaining NASDAQ compliance?

Regaining NASDAQ compliance allows T2 Biosystems to remain listed on the NASDAQ Capital Market, which is critical for investor confidence and liquidity.

When did T2 Biosystems achieve compliance with NASDAQ's minimum bid price?

T2 Biosystems achieved compliance on October 26, 2022.

What caused T2 Biosystems to fall out of compliance with NASDAQ?

T2 Biosystems fell out of compliance due to its common stock closing below $1.00 for 30 consecutive business days.

What are T2 Biosystems' areas of specialization?

T2 Biosystems specializes in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes.