T2 Biosystems has received a delisting notice from Nasdaq after failing to satisfy the minimum $35 million market value of listed securities threshold required to remain listed.
The firm had regained compliance with Nasdaq’s minimum bid price requirement in late October; however, Nasdaq had imposed the condition that should T2 Biosystems fall below the minimum thresholds for bid price or market value of listed securities before October 31, 2024, the company would be issued a delisting determination immediately with no grace period to regain compliance. The firm fell below the $35 million market value of listed securities requirement for the previous 30 business days on November 20, triggering the delisting notice.
In a statement, T2Biosystems said that it has paid a $20,000 fee and plans to appeal the delisting determination. T2's common stock will remain listed on the Nasdaq pending the panel’s decision.
The company received a letter in early May 2022 about its failure to meet the minimum $1 per share requirement, for which they were granted an extension in June 2022. The firm also received notice from Nasdaq in late March about its failure to meet the minimum $1 per share requirement.
T2 share prices were down 4% at $3.92 in Monday morning trading.