MTEM News & Events

Molecular Templates was notified on December 16 by the Listing Qualifications Department of The Nasdaq Stock Market 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 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 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 .

Molecular Templates announced that it has received an expected deficiency notification letter from Nasdaq on November 25. The notice indicated that the company is not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of its failure to timely file its quarterly report on Form 10-Q for the period ended September 30, as described more fully in the company's Form 12b-25 notification of late filing filed with the SEC on November 15. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC. Molecular Templates has until January 24, 2025 to submit a plan of compliance with respect to the notice.