T2 Biosystems Faces Potential Delisting from Nasdaq due to Market Value

On November 7, 2024, T2 Biosystems, Inc. (NASDAQ:TTOO) received a concerning letter from The Nasdaq Stock Market LLC. The communication, known as the “Nasdaq Staff Deficiency Letter,” highlighted that the Company’s market value of its listed securities has dipped below the minimum requirement of $35,000,000 for continued listing on the Nasdaq Capital Market.

In response, the Nasdaq Listing Qualifications Staff (the “Staff”) opted not to grant the Company a grace period. Instead, they issued a delisting determination. This determination can be contested by T2 Biosystems, provided they exercise their right to appeal the Staff’s decision by requesting a hearing and paying a non-refundable $20,000 fee, as outlined in Nasdaq Listing Rule 5800 Series.

T2 Biosystems has expressed its intention to promptly file a request for a new hearing before the Nasdaq Hearings Panel, which would put any further action by Nasdaq on hold until a decision is reached. While the Company’s common stock will continue to be listed and tradable on Nasdaq during this time, the outcome of the hearing remains uncertain. There is no guarantee that T2 Biosystems will secure continued listing approval or demonstrate compliance with all relevant listing criteria within any extension granted by the Panel.

This filing contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and involve risks and uncertainties that could lead to material differences in actual results. Factors potentially impacting outcomes range from the Company’s ability to execute strategic priorities, bring products to market, realize anticipated revenues, and comply with FDA requirements. A detailed discussion of risk factors can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2023.

While T2 Biosystems maintains the right to update these forward-looking statements in the future, it denies any obligation to do so unless required by law. Therefore, reliance on these statements post this Form 8-K should be cautious, as the Company’s views may evolve over time without public update.

In a separate development related to the company’s business activities, Clover Leaf Capital Corp. made an announcement today regarding the termination of a merger agreement, cancellation of a special meeting, and its intention to liquidate their operations. The details of this announcement can be found in the related press release.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read T2 Biosystems’s 8K filing here.

T2 Biosystems Company Profile

T2 Biosystems, Inc, an in vitro diagnostics company, develops and sells diagnostic products and product candidates in the United States and internationally. Its technology enables detection of pathogens, biomarkers, and other abnormalities in various unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum, cerebral spinal fluid, and urine.