NEW YORK – T2 Biosystems has received a delist determination from the Nasdaq Stock Market, according to a form filed by the company with the US Securities and Exchange Commission on Thursday.
In the SEC filing, the firm said it received notice that its common stock's bid price has closed below the minimum $1.00 per share requirement for the last 30 consecutive business days. Additionally, last month, the company received a letter from Nasdaq saying the firm's market value of listed securities had been below the minimum $35 million requirement for the last 30 consecutive business days.
T2 Biosystems has requested a hearing and paid a nonrefundable $20,000 fee to stay its delist determination until a hearing on Jan. 9, 2025. The company's common stock will remain listed and eligible to trade on Nasdaq pending the outcome of the hearing, it noted.
Last year, the firm received a delisting notice from the Nasdaq related to the market securities requirement. It appealed the decision in February and was granted an exception to the requirement in March, with the caveat that it had to maintain a market value of listed securities of at least $35 million for at least 10 consecutive business days. This requirement was met on May 16.