2 days Ago
Life sciences firm is currently listed on the Nasdaq Global Select Market The Trinity Biotech facility in Bray Trinity Biotech, a life-sciences company, has been warned by Nasdaq that it could be delisted after failing to comply with market value rules. According to a filing it made with the US Securities and Exchange Commission, Trinity Biotech said it had received a determination letter from Nasdaq stating the exchange could delist its American depositary shares (ADSs) from the Nasdaq Global Select Market. Trinity received a deficiency letter that gave it 180 days to regain compliance Nasdaq made the determination based on Trinity’s non-compliance with the minimum market value of publicly held shares (MVPHS).
Companies must maintain a minimum MVPHS of $15m to remain listed on the Nasdaq Global Select Market. A failure to meet the minimum MVPHS requirement occurs if the deficiency continues for 30 consecutive business days. In November 2023, Trinity received a deficiency letter that gave it 180 days to regain compliance.
In response to Nasdaq’s more recent letter, Trinity requested a hearing before a Nasdaq panel. The move stayed any suspension or delisting action pending the hearing. The panel can grant Trinity an extension to November 18, 2024, to regain compliance.
Trinity said the notification was expected due to the proportion of traded equity that qualifies under Nasdaq rules as part of its public float. It said a significant proportion of its equity is held by a s.
