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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.
Posted In: TTOO
