Nasdaq's Hearings Panel has granted T2 Biosystems' request for an extension for continued listing on the stock market subject to T2 returning to compliance with Nasdaq's rule for market value of listed securities.
According to a statement from T2, the extension will give the company until May 20, 2024, to maintain a closing market value of at least $35 million for a minimum of 10 consecutive business days.
The company noted that it will actively monitor its market value during the extension period and take action to remedy any shortcoming as needed, adding that this could include the potential conversion of $15 million of outstanding debt held by T2's lender, CRG, to equity in the firm.
T2 previously received a delisting warning in April 2023 for falling below Nasdaq's minimum bid price requirement. While the company regained compliance with the requirement in October 2023, Nasdaq imposed the condition that should T2 Biosystems fall below the minimum thresholds for either the bid price or market value of listed securities before October 31, 2024, the company would be issued a delisting determination immediately. The firm was unable to meet the requirement of maintaining the $35 million market value of listed securities for the previous 30 business days on November 20, 2023, and received the delisting notice shortly thereafter.
T2's stock remained on the Nasdaq pending the panel's decision whether or not to grant an extension.
