NEW YORK – T2 Biosystems has failed to satisfy the minimum $35 million market value of listed securities threshold to remain listed on the Nasdaq, the company said in a document filed with the US Securities and Exchange Commission on Friday.
In October, the Lexington, Massachusetts-based company regained compliance with Nasdaq's minimum bid price requirement after undergoing a reverse stock split. Upon regaining compliance, Nasdaq imposed a mandatory panel monitor for one year until Oct. 31, 2024, the SEC document said. If T2 Biosystems fell below the minimum thresholds for bid price or market value of listed securities during that year, the company would immediately receive a delisting determination instead of a grace period to regain compliance with the rules.
On Nov. 20, the firm fell below the $35 million market value of listed securities requirement for the previous 30 business days, and Nasdaq issued a delist determination. The company said that it has paid a $20,000 fee and plans to appeal the delist determination by requesting a hearing. T2's common stock will remain listed on the Nasdaq pending the outcome of the hearing, the firm noted.
The company was warned in April about its failure to meet the minimum $1.00 per share requirement.
In early Monday trading, shares of T2 were down 4 percent at $3.92.