Trinity Biotech Receives Non-Compliance Notice Regarding Nasdaq Global Select Requirement for Minimum Market Value of Publicly Held Shares

DUBLIN, Ireland, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB) (the “Company”), a leading developer and manufacturer of diagnostic solutions for the point-of-care and clinical laboratory markets, today announced that on November 21, 2023 the Company received notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) that the Company is not in compliance with the minimum market value of publicly held shares ("MVPHS") requirement set forth in the Nasdaq Listing Rules.

For continued listing on the Nasdaq Global Select Market, registrants are required to maintain a minimum MVPHS of US$15 million in accordance with Nasdaq Listing Rule 5450(b)(3)(c). Nasdaq Listing Rule 5810(c)(3)(D) provides that the failure to meet the minimum MVPHS requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice states that from October 5 to November 20, 2023, the Company did not meet the minimum MVPHS requirement.

In the event that the deficiency continues for six months, the Company may seek to apply for a transfer to The Nasdaq Capital Market exchange if it meets the requirements for continued listing thereon.

The Notice does not impact the Company's listing on the Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company is provided with 180 calendar days, or until May 20, 2024, to regain compliance with Nasdaq Listing Rule 5450(b)(3)(c). To regain compliance, the Company's MVPHS must exceed US$15 million for a minimum of 10 consecutive business days.

If the Company does not regain compliance with the minimum MVPHS requirement by May 20, 2024, Nasdaq will provide written notification to the Company that its American depositary shares (“ADSs”) are subject to delisting. At that time, the Company may appeal the relevant delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company does appeal the delisting determination by Nasdaq to the hearings panel, that such appeal would be successful.

The Company intends to monitor its MVPHS between now and May 20, 2024 and intends to cure the deficiency within the prescribed grace period. During this time, the Company expects that the ADSs of the Company will continue to be listed and trade on the Nasdaq Global Market. The Company's management is evaluating various options available to regain compliance and maintain its continued listing.