T2 Biosystems Reduces Workforce Amid Nasdaq Delisting Notice
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T2 Biosystems (TTOO) announced a significant workforce reduction affecting nearly all employees, incurring one-time charges of $1.0 million for termination costs. Key executives were terminated but reappointed as consultants. The company also canceled a Special Meeting of Stockholders and abandoned a proposed reverse stock split following a Nasdaq delisting notice. T2 Biosystems focuses on innovative medical diagnostics, particularly in rapid pathogen detection. Year-to-date, the stock has declined by 83.75%, with a current market cap of $1.83 million.
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