NEW YORK – Trinity Biotech said on Thursday that it has received notice from the Nasdaq stock exchange that the company has regained compliance with the exchange's requirement to maintain a $15 million minimum market value of publicly held shares.
The Dublin-based diagnostics firm disclosed in November 2023 that it had received notice from the Nasdaq that had fallen out of compliance with the rule by failing to meet the minimum market value for 30 consecutive business days from Oct. 5 to Nov. 20, 2023. Trinity Biotech CEO John Gillard said in a statement that addressing the company's listing requirement deficiencies has been one of his top priorities since he was appointed to his position in December 2023.
"Our management team remains focused on building and delivering long-term value and advancing our strategic initiatives including the development of our continuous glucose monitoring solution and driving profitability growth in our diagnostics business," he said.
Company officials met in July with the Nasdaq Hearings Panel to present a plan for regaining compliance with the minimum value rule, and on Aug. 1, the exchange granted Trinity an extension until Oct. 31 to demonstrate compliance.
Trinity announced in September that it was acquiring for $1.3 million in cash and stock the firm Metabolomics Diagnostics in a deal that gives Trinity a mass spectrometry platform and machine learning-based informatics. It also said last month that it was acquiring prostate cancer test developer EpiCapture for $3 million and up to $500,000 in milestone-based payments.