Breaking News: Molecular Templates Receives Notice of Delisting and Fails to Meet Continued Listing Requirements
AUSTIN, Texas, Dec. 19, 2024 (GLOBE NEWSWIRE) —
Molecular Templates, Inc. (Nasdaq: MTEM, “Molecular Templates,” or “MTEM” or the “Company”), a clinical-stage biopharmaceutical company focused on the discovery and development of proprietary targeted biologic therapeutics, known as engineered toxin bodies, to create novel therapies with potent and differentiated mechanisms of action for cancer, was notified on December 16, 2024 by the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) of the Staff’s determination pursuant to Nasdaq Listing Rule 5101 that the Company is a “public shell,” and that, in the view of the Staff, the continued listing of the Company’s securities was no longer warranted.
Further, Nasdaq indicated that the Company’s non-compliance with (i) Nasdaq Listing Rule 5250(c)(1) as a result of the Company’s failure to timely file its Quarterly Report on Form 10-Q for the period ended September 30, 2024 and (ii) Nasdaq Listing Rule 5550(a)(2) as a result of its failure to maintain a $1.00 bid price for the required period, each serving as an additional and separate basis for delisting. Trading of the Company’s common stock will be suspended at the opening of business on December 26, 2024, and Nasdaq will file a Form 25-NSE with the U.S. Securities and Exchange Commission to formally delist the Company’s securities from listing and registration, unless the Company timely requests a hearing before a Nasdaq Hearings Panel to appeal Nasdaq’s determination and address the deficiencies.
The Company does not plan to request a hearing regarding these deficiencies and expects that trading in the Company’s common stock on the Nasdaq Stock Market will be suspended upon the opening of business on December 26, 2024.
Impact on Individuals
For investors and employees of Molecular Templates, this news could have significant repercussions. Investors may see a decline in the value of their holdings, and employees may face uncertainty about the future of their positions within the company. It is essential for individuals affected by this news to carefully consider their financial and professional decisions moving forward.
Impact on the World
The delisting of Molecular Templates from the Nasdaq Stock Market could have broader implications for the biopharmaceutical industry and the market as a whole. It may lead to decreased investor confidence in similar companies operating in the field of biologic therapeutics, impacting funding and support for research and development efforts in this area. Additionally, the delisting could also affect the perception of the industry’s stability and regulatory compliance standards.
Conclusion
In conclusion, the notice of delisting received by Molecular Templates represents a significant challenge for the company and its stakeholders. The decision to not request a hearing to appeal Nasdaq’s determination indicates a clear path forward for the company’s transition. As the situation unfolds, it is crucial for investors, employees, and industry observers to monitor developments closely and assess the implications of the delisting on both an individual and global scale.
