T2 Biosystems Announces Receipt of Nasdaq Delisting Notice
May 05 2022 - 4:02PM
T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid
detection of sepsis-causing pathogens and antibiotic resistance
genes, today announced that on May 5, 2022 it received a letter
from The Nasdaq Stock Market informing the Company that its shares
of common stock have failed to comply with the $1.00 minimum bid
price required for continued listing on The Nasdaq Global Market
under Nasdaq Listing Rule 5450(a) (1), and, as a result, the
Company’s shares are subject to delisting. The letter further
stated that the Company may appeal the Nasdaq Staff delisting
determination to a Nasdaq listing qualifications hearings panel
(the “Panel”).
The Company has filed an appeal and hearing
request to the Nasdaq Staff’s determination which will stay the
delisting of the Company’s shares of common stock from The Nasdaq
Global Market pending the Panel’s decision. The Nasdaq Staff has
informed the Company that the delisting action has been stayed,
pending a final written decision by the Panel, and the hearing date
has been set for June 2, 2022. There can be no assurance that the
Panel will grant the Company’s request for continued listing;
however, the Company intends to present a plan to regain compliance
to the Panel that includes a discussion of the events that it
believes will enable it to regain compliance in this timeframe and
a commitment to effect a reverse stock split, if necessary.
“We are cognizant of the value to our
shareholders of the listing of our shares on Nasdaq given the
liquidity and pricing efficiency that the exchange provides and are
taking steps to ensure continued listing,” stated John Sperzel,
Chairman and CEO of T2 Biosystems.
About T2 BiosystemsT2
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, which are powered by the Company’s
proprietary T2 Magnetic Resonance (T2MR®) technology, include the
T2Dx® Instrument, the T2Candida® Panel, the T2Bacteria® Panel, the
T2Resistance® Panel, and the T2SARS-CoV-2™ Panel. T2 Biosystems has
an active pipeline of future products, including the T2Biothreat
Panel, the T2Cauris™ Panel, the T2Lyme™ Panel, as well as
additional products for the detection of bacterial and fungal
pathogens and associated antimicrobial resistance markers, and
biothreat pathogens.
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 that the
Panel will grant the Company’s appeal, 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, 2021, filed with the U.S. Securities and
Exchange Commission, or SEC, on March 23, 2022, 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.
Media Contact:Meagan Dominick, Vault
Communicationsmdominick@vaultcommunications.com773-369-4255
Investor Contact:Philip Trip Taylor, Gilmartin
Groupir@T2Biosystems.com 415-937-5406
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