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.
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