(RTTNews) - Shares of Molecular Templates, Inc. (MTEM) plunged by 54.98% following a notification from the Nasdaq that the company has failed to meet essential listing requirements.
The Nasdaq Listing Qualifications Department determined that the company was a "public shell" and issued a notice of delisting due to the company's failure to comply with rules regarding timely financial filings and maintaining a minimum bid price of $1.00 per share.
The company's non-compliance stems from its failure to file its Quarterly Report on Form 10-Q for the period ended September 30, 2024, and its inability to meet Nasdaq's minimum bid price requirement for an extended period.
As a result, trading of Molecular Templates' common stock will be suspended on December 26, 2024, unless the company requests a hearing, which it has indicated it does not plan to do.
This development highlights the company's ongoing financial challenges and raises concerns about its future operations. Molecular Templates has been focused on developing next-generation antibody-drug conjugates (ADCs) for cancer treatment, but with limited resources, the company faces a difficult path forward.
Investors should exercise caution, as the company has indicated that trading in its securities is highly speculative and carries substantial risks.
MTEM is currently trading at $0.164, down 54.98%
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
