T2 Biosystems Receives Extension to Comply with Nasdaq Listing Requirements
31 Julho 2023 - 9:30AM
T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection
of sepsis-causing pathogens and antibiotic resistance genes,
announced today that the Nasdaq Hearings Panel (the “Panel”) has
granted the Company's request for an extension through November 20,
2023, to evidence compliance with Nasdaq's minimum bid price and
market value of listed securities (“MVLS”) requirements, as set
forth in Nasdaq Listing Rules 5550(a)(2) and (b)(2) (the “Rules”).
To satisfy the Rules, the Company must evidence
a closing bid price of at least $1.00 per share and an MVLS of
at least $35 million for a minimum of ten consecutive business days
by November 20, 2023. If the Company is able to do so within the
prescribed time period and satisfies all other applicable criteria
for continued listing, the matter will be closed.
During the extension period, the Company will
continue to actively monitor its stock price and MVLS while it
considers all options available to it and to take action, if
necessary and as deemed appropriate by the Company’s board, to
remedy the deficiency, including potentially effecting a reverse
stock split. There can be no assurance, however, that the Company
will be able to timely comply with the terms of the 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
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
T2 Biosystems (NASDAQ:TTOO)
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