TTOO - T2 Biosystems Receives Extension to Comply with Nasdaq Listing Requirement
LEXINGTON, Mass., March 12, 2024 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced that the Nasdaq Hearings Panel has granted the Company's request for continued listing on the Nasdaq Stock Market, subject to the Company demonstrating compliance with Nasdaq's market value of listed securities (“Market Value”) requirement, as set forth in Nasdaq Listing Rule 5550(b)(2) (the “Rule”) on or before May 20, 2024.
The Company continues to prioritize maintaining its Nasdaq listing and considers it to be in the best interest of both the Company and its stockholders. Listing on the Nasdaq Stock Market maintains liquidity for stockholders, helps attract and retain key employees, broadens its access to capital, and better positions the Company for potential mergers and acquisitions.
The Rule requires that the Company maintain a closing Market Value of at least $35.0 million for a minimum of ten consecutive business days. During the extension period, the Company will continue to actively monitor its Market Value and take appropriate action, if necessary and as advised by the Company’s Board of Directors, to remedy the deficiency. These actions may include the potential conversion of $15.0 million dollars of outstanding indebtedness held by the Company’s lender, CRG, to equity in the Company. There can be no assurance, however, that the Company will be able to timely comply with the terms of the Nasdaq Hearings Panel’s decision.
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 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 regain compliance with the listing requirements of 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) 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, 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