Trinity Biotech Obtains an Extension to Demonstrate Compliance With Nasdaq Listing Requirements
Rhea-AI Summary
Trinity Biotech plc (Nasdaq: TRIB), a biotechnology company specializing in human diagnostics and diabetes management solutions, has secured an extension from Nasdaq to demonstrate compliance with listing requirements. The company had received a deficiency letter on November 21, 2023, due to its market value of publicly held shares (MVPHS) falling below the $15 million threshold for 30 consecutive business days. After meeting with the Nasdaq Hearings Panel on July 16, 2024, Trinity Biotech was granted an extension until October 31, 2024, to meet the MVPHS Requirement and maintain its listing on The Nasdaq Global Select Market.
Positive
- Obtained extension until October 31, 2024, to meet Nasdaq listing requirements
- Opportunity to maintain listing on The Nasdaq Global Select Market
Negative
- Market value of publicly held shares below $15 million minimum threshold
- Risk of potential delisting if compliance is not achieved by October 31, 2024
News Market Reaction
On the day this news was published, TRIB declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
DUBLIN, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB), a commercial stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors, obtained an extension to demonstrate compliance with a continued listing requirement of The Nasdaq Global Select Market.
As previously reported in a Current Report on Form 6-K filed November 29, 2023, the Company received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on November 21, 2023. The letter notified the Company that, for the preceding 30 consecutive business days, the market value of publicly held shares ("MVPHS") had remained below the minimum
On July 16, 2024, the Company met with the Nasdaq Hearings Panel (the “Panel”) to discuss its plan to regain compliance with the MVPHS Requirement and requested an extension until October 31, 2024, to demonstrate compliance. On August 1, 2024, the Panel granted the Company an extension until October 31, 2024, to meet the MVPHS Requirement.
Forward-Looking Statements
This release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), including but not limited to statements related to Trinity Biotech’s cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. Trinity Biotech claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterised by the terms “may,” “believes,” “projects,” “expects,” “anticipates,” or words of similar import, and do not reflect historical facts. Specific forward-looking statements contained in this release may be affected by risks and uncertainties, including, but not limited to, our ability to capitalize on our purchase of the assets of Waveform, our continued listing on the Nasdaq Stock Market, our ability to achieve profitable operations in the future, the impact of the spread of COVID-19 and its variants, potential excess inventory levels and inventory imbalances at the company’s distributors, losses or system failures with respect to Trinity Biotech’s facilities or manufacturing operations, the effect of exchange rate fluctuations on international operations, fluctuations in quarterly operating results, dependence on suppliers, the market acceptance of Trinity Biotech’s products and services, the continuing development of its products, required government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Trinity Biotech’s intellectual property or claims of infringement of intellectual property asserted by third parties and risks related to condition of the United States economy and other risks detailed under “Risk Factors” in Trinity Biotech’s annual report on Form 20-F for the fiscal year ended December 31, 2023 and Trinity Biotech’s other periodic reports filed from time to time with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements were made. Trinity Biotech does not undertake and specifically disclaims any obligation to update any forward-looking statements.
About Trinity Biotech
Trinity Biotech is a commercial stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors. The Company develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market and has recently entered the wearable biosensor industry, with the acquisition of the biosensor assets of Waveform Technologies Inc. and intends to develop a range of biosensor devices and related services, starting with a continuous glucose monitoring product. Our products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information, please see the Company's website: www.trinitybiotech.com.
| Contact: | Trinity Biotech plc | LifeSci Partners, LLC |
| Simon Dunne | Eric Ribner | |
| (353)-1-2769800 | (1)-646-751-4363 | |
| investorrelations@trinitybiotech.com | ||
| RedChip Companies Inc. | ||
| Dave Gentry, CEO | ||
| (1)-407-644-4256 | ||
| TRIB@redchip.com |
FAQ
What is the deadline for Trinity Biotech (TRIB) to meet Nasdaq's MVPHS requirement?
Why did Trinity Biotech (TRIB) receive a deficiency letter from Nasdaq?
What is the minimum MVPHS requirement for Trinity Biotech (TRIB) to maintain its Nasdaq listing?
When did Trinity Biotech (TRIB) meet with the Nasdaq Hearings Panel to discuss compliance?
