T2 Biosystems Regains Compliance with Nasdaq’s Market Value of Listed Securities Requirement
09 August 2023 - 10:30PM
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 August 8, 2023
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.
As previously reported, T2 Biosystems was
notified by the NASDAQ on November 22, 2022 that it was not in
compliance with the NASDAQ’s Capital Market requirement because it
failed to maintain a MVLS of at least $35 million for a period of
30 consecutive business days. 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. This requirement was met
on August 7, 2023, the tenth consecutive trading day when the MVLS
was at least $35 million.
The Company must still demonstrate compliance
with Listing Rule 5550(a)(2), the Bid Price Rule, by November 20,
2023.
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
Candida auris test, 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 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 regain 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) the factors discussed under Item 1A.
“Risk Factors” in the company’s Annual Report on Form 10-K for the
year ended December 31, 2022, filed with the U.S. Securities and
Exchange Commission, or SEC, on March 31, 2023, 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
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