Original from: 360dx
The Nasdaq Hearings Panel has decided to delist T2 Biosystems common stock after the firm failed to meet the stock exchange's requirements for the minimum bid price and market value of listed securities, T2 Biosystems said in a form filed Tuesday with the US Securities and Exchange Commission.
Trading of the firm's stock will be suspended when the market opens on Wednesday. T2 Biosystems said it will not pursue further appeal of the delisting determination.
The Lexington, Massachusetts-based company received its delisting determination from Nasdaq in December after its common stock's bid price closed below the minimum $1.00 per share requirement for 30 consecutive days. In November, T2 Biosystems was notified that its market value of listed securities had been below the minimum $35 million requirement for 30 consecutive days. The delisting determination was postponed until a hearing on Jan. 9.
The firm's common stock is expected to begin trading under its current symbol, TTOO, on the OTC Markets system on Feb. 12. The company, which makes fully automated molecular diagnostic instruments and tests to detect sepsis, said it plans to submit an application to the OTC exchange for quotation of its common stock.
In 2023, T2 Biosystems received a delisting notice from Nasdaq related to the market securities requirement. It appealed the decision in February 2024 and was granted an extension in March. That requirement was met in May 2024.
