On August 8, 2023, T2 Biosystems, Inc (NASDAQ:TTOO) received notice from the NASDAQ Stock Market LLC that its market value of listed securities was once again compliant with the requirement for continued listing on the NASDAQ Capital Market. The leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes is delighted to demonstrate their commitment to meeting the listing standards of NASDAQ.
On August 7, 2023, T2 Biosystems achieved compliance with NASDAQ’s Capital Market Rule after successfully sustaining a minimum market value of listed securities (MVLS) of $35 million for 10 consecutive trading days. This followed a notification from the NASDAQ on November 22, 2022 that the Company had not been able to maintain its MVLS of at least $35 million for 30 consecutive business days.
The Company has until November 20, 2023 to prove its compliance with Listing Rule 5550(a)(2) – the requirement that a company’s offer price remain above a certain price – or face consequences. To ensure that it meets this requirement, the Company must take the necessary steps now.
About T2 Biosystems
T2 Biosystems is revolutionizing the healthcare industry with their innovative rapid diagnostic solutions for pathogens and antibiotic resistance genes that are impacting patient care and costs. Powered by their proprietary T2 Magnetic Resonance (T2MR®) technology, their suite of products including the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel, the T2Resistance® Panel, and the T2SARS-CoV-2™ Panel, are able to more quickly detect and diagnose the dangerous pathogens that may be impacting patient health. With an active pipeline that includes the T2Biothreat™ Panel for biothreats, the Candida auris test, and the T2Lyme™ Panel, T2 Biosystems is well positioned for a healthier future.
The future looks bright for the Company as it moves to regain compliance with the listing requirements of the Nasdaq Capital Market. However, this endeavor is fraught with risk, including potential failure to realize anticipated benefits from commitments, contracts or products, the inability to successfully execute strategic priorities, or failure to realize anticipated revenues. Even if early data predicts successful outcomes, there is still the chance that FDA filings or clearances may be delayed or not obtained at all.
For these reasons, investors should remain aware of the risks associated with this endeavor as indicated in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and other SEC filings. With caution and confidence, the Company is striving to bring value to its customers and shareholders.