NEW YORK – T2 Biosystems said last week that it has received a notification from Nasdaq that the firm failed to meet a listing requirement and may face delisting action.
In a document filed with the US Securities and Exchange Commission, the Lexington, Massachusetts-based in vitro diagnostics company said it received a letter from Nasdaq on March 30, saying the firm’s common stock had closed below the minimum $1 per share requirement for 30 consecutive days.
T2 Biosystems was provided 180 calendar days, or until Sep. 26, 2023, to regain compliance by having its stock close at $1 or more per share for 10 consecutive days.
If the company fails to regain compliance before that date, T2 Biosystems may be eligible for an additional 180 calendar-day compliance period if it meets other continued listing requirements and provides written notice of its intention to cure the deficiency during the second 180-day compliance period.
In the SEC filing, T2 Biosystems said it will monitor the stock's closing price and review its options, including a reverse stock split, to regain compliance.
In early morning trading, T2 Biosystem's shares remained largely flat at $.46.