T2 Biosystems announces reverse stock split

T2 Biosystems announced that the Company’s board of directors has approved a reverse stock split of its common stock at a ratio of 1 post-split share for every 100 pre-split shares. The reverse stock split will become effective today, October 12, 2023. The Company’s common stock is expected to begin trading on a split-adjusted basis when the market opens on October 13, 2023 under the existing trading symbol, “TTOO.” At the Company’s annual meeting of stockholders held on September 15, 2023, the Company’s stockholders representing approximately 64.15% of the votes cast by the holders of our Common Stock and Series A Preferred Stock on the reverse stock split proposal, voting together and counted as a single class, approved the reverse stock split with the final ratio to be determined by the Board from within a range of 1-50 to 1-150. As a result of the reverse stock split, each 100 shares of the Company’s common stock outstanding and held of record by each stockholder of the Company will be automatically reclassified and combined into one validly issued, fully paid and non-assessable share of common stock, subject to the treatment of fractional shares as described below. The reverse stock split will not affect the number of authorized shares of the Company’s common stock or the par value of the common stock. Proportional adjustments will be made to the number of shares of common stock reserved for issuance under the Company’s equity incentive plans and the number of shares of common stock subject to outstanding warrants, Series B convertible preferred stock held by CRG Servicing, and equity awards, as well as the applicable exercise price.