Telesis Bio to delist from Nasdaq by end of September By Investing.com

SAN DIEGO – Telesis Bio Inc. (NASDAQ:TBIO), a company specializing in automated synthesis technology for therapeutic discovery, has announced its plan to voluntarily delist its common stock from the Nasdaq Global Select Market. The decision comes after the company determined it would not be able to meet Nasdaq’s continued listing requirements regarding stockholders’ equity and market value.

The firm notified Nasdaq of its intent to remove its common stock from listing and will file a Form 25 with the SEC to proceed with the delisting around September 20, 2024. Consequently, the last day of trading on the Nasdaq is projected to be around September 30, 2024. Despite the delisting, Telesis will still be obligated to fulfill reporting duties under Sections 13 and 15(d) of the Exchange Act.

Earlier this year, on April 3, Telesis was informed by Nasdaq that it did not meet the minimum stockholder’s equity requirement of $10 million. A 180-day grace period was granted, expiring on September 30, 2024. Additionally, on June 6, Telesis received notice of non-compliance with the minimum market value of publicly held shares, which stood below the required $5 million for over 30 consecutive business days.

Post-delisting, Telesis expects its common stock to be quoted on an over-the-counter (OTC) market operated by OTC Markets Group Inc., aiming to maintain a trading market for its securities. However, there is no assurance that brokers will continue to make a market in the common stock or that trading will persist on an OTC market or elsewhere.

Telesis Bio is known for its Gibson Assembly method and automated benchtop DNA and mRNA synthesis systems, contributing to advancements in medicine, biologics drug discovery, vaccine development, genome editing, and cell and gene therapy.

This move is based on a press release statement and reflects the company’s current position regarding its listing status. Investors should be aware that forward-looking statements involve risks and uncertainties that could affect actual results, as detailed in Telesis Bio’s regulatory filings.

In other recent news, Telesis Bio has undergone significant changes in its board and financial structure. The company recently completed the sale of its subsidiary, EtonBio, Inc., to individual investor Yuan (Terry) Yang, as part of its strategic reorganization. Alongside this, Telesis Bio secured $5.85 million through promissory notes with Novalis Lifesciences II, L.P. and Northpond Ventures III, LP, leading to a considerable reshuffle in the company’s board of directors.

The reshuffle followed the resignations of Franklin R. Witney, Christine A. Tsingos, Annette Tumolo, Jami Nachtsheim, and Todd R. Nelson from the Board. In response, the company appointed its President and CEO, Eric Esser, as the new chair. Other key committee changes include Todd Krueger chairing the Audit Committee, Jim Weissman leading the Compensation Committee, and Steven Golub chairing the Nominating and Corporate Governance Committee.

Telesis Bio also settled its previous debt of roughly $5.84 million with MidCap Financial Trust and MidCap Funding IV, and initiated a reverse stock split, reducing its outstanding common shares from approximately 30.1 million to about 1.7 million. The company also announced a strategic move towards DNA and mRNA synthesis technology, supported by a co-development and marketing agreement with a leading automation provider. These are some of the recent developments shaping Telesis Bio’s operations and strategy.

InvestingPro Insights

As Telesis Bio Inc. (NASDAQ:TBIO) prepares to delist from the Nasdaq Global Select Market, recent data from InvestingPro shows a nuanced picture of the company’s financial health and stock performance. With a market capitalization of just 6.95 million USD, Telesis has experienced a significant decline in revenue over the last twelve months leading up to Q2 2023, with a decrease of approximately 29.68%. This contraction in revenue aligns with an InvestingPro Tip noting analysts’ anticipation of a sales decline in the current year.

The company’s stock price has also seen notable volatility. Despite a strong return over the last three months, with a total return of 29.7%, the six-month and one-year total returns paint a starker picture, with declines of 60.23% and 82.24%, respectively. This volatility is echoed in an InvestingPro Tip highlighting that the stock price movements are quite volatile.

Telesis has been grappling with profitability challenges, as reflected in the negative P/E ratio of -0.13 and the adjusted P/E ratio for the last twelve months as of Q2 2023 standing at -0.17. These figures underscore the InvestingPro Tip that analysts do not anticipate the company will be profitable this year.

For investors seeking a deeper dive into Telesis Bio’s financials and stock performance, InvestingPro offers additional insights and tips. Currently, there are 10 more InvestingPro Tips available for Telesis Bio at https://www.investing.com/pro/TBIO, which provide a comprehensive analysis of the company’s financial state and market prospects.

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