Molecular Templates Announces Notice of Delisting and Failure to Satisfy Continued Listing Rules
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.
About Molecular Templates
Molecular Templates is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation ADCs. Its drug platform technology, known as Engineered Toxin Bodies (ETBs), leverages the resident biology of a genetically engineered toxin payload to create novel therapies with potent and differentiated mechanisms of action for cancer and various disease indications.
Cautionary Information Regarding Trading in the Company's Securities
The Company cautions that trading in the Company's securities is highly speculative and poses substantial risks. Trading prices for the Company's securities likely bear little or no relationship to the actual value realized, if any, by holders of the Company's securities. The Company currently has extremely limited resources to continue or wind down operations. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.
Forward-Looking Statements
This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). Molecular Templates disclaims any intent or obligation to update these forward-looking statements and claims the protection of the Act's Safe Harbor for forward-looking statements. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, prospects and plans and objectives of management are forward-looking statements. In addition, when or if used in this press release, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to Molecular Templates may identify forward-looking statements.
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual events or results may differ materially from those discussed in the forward-looking statements as a result of various factors including, but not limited to the following: the continued availability of financing on commercially reasonable terms of which there can be no assurance that any financing will be obtained; whether Molecular Templates' cash resources will be sufficient to fund any future operations or winddown activities; the results of MTEM's clinical studies which are currently unable to resume due to lack of resources; the ability to effectively operate MTEM and retain key employees and consultants post-MTEM's previously announced restructuring and reductions in force; the ability of MTEM to resume its regular and required Exchange Act reporting obligations which the Company is currently unable to do; and those risks identified under the heading "Risk Factors" in Molecular Templates' filings with the SEC, including its most recently filed Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and any subsequently filed reports. Any forward-looking statements contained in this press release speak only as of the date hereof, and Molecular Templates specifically disclaims any obligation to update any forward-looking statement, whether because of new information, future events or otherwise.
Contact Michelle Iwamoto-Fan [email protected]
