Molecular Templates Faces Delisting from Nasdaq

On December 16, 2024, Molecular Templates, Inc. (NASDAQ:MTEM) was served a notice by The Nasdaq Stock Market LLC, stating that the company is considered a “public shell” according to Nasdaq Listing Rule 5101. Consequently, Nasdaq has determined that the continued listing of Molecular Templates’ securities is no longer warranted.

If the company does not request an appeal, trading of its common stock will be suspended from the Nasdaq Stock Market beginning December 26, 2024. A Form 25 Notification of Delisting will then be filed with the Securities and Exchange Commission, leading to the removal of Molecular Templates’ securities from listing and registration on Nasdaq. The company does not intend to challenge Nasdaq’s decision.

This follows an earlier notice dated November 25, 2024, from Nasdaq to Molecular Templates, highlighting non-compliance with Nasdaq Listing Rule 5250(c)(1) due to the failure to file its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024. The company has not yet submitted this report as of the date of this Current Report on Form 8-K. Nasdaq also noted that the failure to meet this reporting requirement serves as an additional basis for delisting.

In another development on the same day, Molecular Templates received a written notice from Nasdaq, stating that the bid price of the company’s common stock had closed below the minimum $1.00 per share required for continued listing under Nasdaq Listing Rule 5550(a)(2) for the preceding 30 consecutive business days. Subsequently, due to the delisting determinations, the Staff at Nasdaq chose to apply stricter criteria under Listing Rule 5101 and ended the 180-day compliance period for this bid price deficiency, leading to yet another basis for potential delisting.

The company issues a cautionary statement to potential investors, highlighting that trading in its securities carries significant risks and is highly speculative. The trading prices may not accurately reflect the actual value for holders of the Company’s securities. Molecular Templates also admits to having limited resources to either continue or wind down operations, encouraging extreme caution for investors in the company’s securities.

The Form 8-K filing was signed by Eric E. Poma, Ph.D., who serves as the Chief Executive Officer, Chief Scientific Officer, and Interim Chief Financial Officer of Molecular Templates, Inc., on behalf of the company on December 19, 2024.

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.

About Molecular Templates

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).