NEW YORK – T2 Biosystems announced Tuesday that it has received an extension from the Nasdaq Hearings Panel to regain compliance with the stock exchange's market value of listed securities requirement.
T2 Biosystems must regain compliance with the rule, which requires it to maintain a closing market value of at least $35.0 million for 10 consecutive business days, on or before May 20. The firm said in a statement that it will continue to actively monitor its market value during the extension period and, if necessary, take action to rectify the deficiency. The actions may include the potential conversion of $15.0 million of outstanding indebtedness held by the firm's lender, CRG, to equity in the company, T2 noted.
The firm "continues to prioritize maintaining its Nasdaq listing and considers it to be in the best interest of both the company and its stockholders," it said. The listing "maintains liquidity for stockholders, helps attract and retain key employees, broadens its access to capital, and better positions the company for potential mergers and acquisitions," T2 added.
The firm received a delisting notice from the Nasdaq in November.