Molecular Templates Receives Notices from Nasdaq Regarding Listing Compliance

Molecular Templates, Inc. (NASDAQ: MTEM) has recently received written notices from the Nasdaq Stock Market LLC, indicating potential non-compliance with listing rules.

The first notice, received on November 25, 2024, highlighted the delay in filing the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024. The company has until January 24, 2025, to submit a plan to regain compliance. Failure to do so may result in a delisting determination, subject to a possible appeal.

A second notice, also received on November 25, addressed the bid price of the company’s common stock falling below the minimum $1.00 per share requirement for continued listing. In response, Molecular Templates has been granted a 180-calendar day compliance period, until May 26, 2025, to meet the Minimum Bid Price Requirement.

The company may qualify for an additional compliance period if it fails to meet the Minimum Bid Price Requirement by the given deadline. However, failure to comply even after this extension could result in a delisting of the common stock. The company retains the right to appeal.

The notices have not yet impacted the listing of Molecular Templates’ shares. The company urges stockholders to stay updated and participate in the decision-making process related to the ongoing proceedings.

In a related matter, on November 26, 2024, the company convened a special meeting of stockholders to discuss the dissolution of the company and the Plan of Liquidation and Dissolution. The meeting was adjourned to December 4, 2024, to ensure the achievement of a quorum and to allow further voting on the Dissolution Proposal.

Molecular Templates emphasized the importance of stockholders participating in the voting process. The company aims to address the proposals set forth in the Proxy Statement and encourages timely voting by its concerned stockholders.

In light of these developments, Molecular Templates disclosed that certain statements made in the current report are forward-looking and subject to risks and uncertainties. The company highlighted the importance of assessing potential outcomes and the disclosure of risks in filings with the Securities and Exchange Commission.

Additionally, the company provided details for accessing the Proxy Statement and other relevant documents for stockholders at the SEC website or by requesting information directly from Molecular Templates.

The Company and certain directors, executive officers, and management members may participate in the solicitation of proxies, encouraging stockholders and other interested parties to stay informed about the matter at hand.

For further information on these developments, interested parties are advised to refer to the SEC filings and other relevant sources made available by Molecular Templates.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Molecular Templates’s 8K filing here.

Molecular Templates Company Profile

Molecular Templates, Inc, a clinical stage biopharmaceutical company, focuses on the discovery and development of biologic therapeutics for the treatment of cancer and other serious diseases in the United States. The company develops therapies through its proprietary biologic drug platform technology (ETB).