T2 Biosystems Regains Compliance with Nasdaq’s Minimum Bid Price Rule
November 01 2022 - 8:30AM
T2 Biosystems, Inc. (NASDAQ:TTOO) (the “Company”), a leader in the
rapid detection of sepsis-causing pathogens and antibiotic
resistance genes, today announced that it received written notice
from the NASDAQ Stock Market LLC (NASDAQ) on October 31, 2022
informing the Company that it has regained compliance with the
minimum bid price requirement under NASDAQ Listing Rule 5550(a)(2)
for continued listing on the NASDAQ Capital Market.
As previously reported, T2 Biosystems was
notified by NASDAQ on November 05, 2021 that it was not in
compliance with the minimum bid price rule because its common stock
failed to meet the closing bid price of $1.00 for a period of 30
consecutive business days. To regain compliance with the Rule, the
Company was required to maintain a minimum closing bid price of
$1.00 or more for at least 10 consecutive trading days. This
requirement was met on October 26, 2022, the tenth consecutive
trading day when the closing bid price of the Company's common
stock was greater than $1.00, and the matter is now closed.
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 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
T2Cauris™ Panel, 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 regarding our
expectations with respect to compliance with the minimum bid price
requirements for maintaining our listing on the Nasdaq Capital
Market, as well as statements that include the words “expect,”
“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) market conditions and their impact on the
Company’s trading price on the Nasdaq Capital Market; (ii) other
factors discussed in the Proxy Statement; and (iv) other 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 SEC, on March 23, 2022, and other filings the Company
makes with the SEC from time to time, including our Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. 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
Groupir@T2Biosystems.com 415-937-5406
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