T2 Biosystems Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, has been given a reprieve today after the Nasdaq Hearings Panel granted the company an extension to November 20, 2023.
This extended deadline is due to their non-compliance of 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). Now, the company has more time to get back into compliance and continue providing their life-saving technology.
The Company must rise to the challenge before November 20, 2023 and demonstrate a closing bid price of $1.00 per share with an MVLS of $35 million for at least ten consecutive business days. If these conditions are accomplished and all other listing requirements are met, the matter can be closed. Take on this challenge now and ensure a successful outcome for the Company’s future!
The Company is doing its utmost to ensure it meets the requirements of the Panel’s decision, keeping a close eye on its stock price and MVLS to ensure it takes any necessary action when deemed appropriate. This may include a potential for a reverse stock split, although there is no guarantee that the Company will be able to do this in time.
About T2 Biosystems:
T2 Biosystems is revolutionizing patient care and reducing medical costs with its groundbreaking technology. The T2Dx® Instrument,.T2Bacteria®, T2Candida®, T2Resistance®, and T2SARS-CoV-2™Panels are powered by T2 Magnetic Resonance (T2MR®) technology and provide unprecedented speed and accuracy when detecting sepsis-causing pathogens and antibiotic resistance genes.
T2 Biosystems’ pipeline of products is expanding, with upcoming releases such as the T2Biothreat™ Panel, the Candida auris test, and the T2Lyme™ Panel, in addition to next-generation products for bacterial and fungal pathogen detection and associated antibiotic resistance tests. Through T2 Biosystems’ innovation, clinicians are now better equipped to make informed decisions and treat patients quickly and effectively.