Transgenomic, Inc. (NASDAQ:TBIO) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Item 2.04.

On January 20, 2015, the Company entered into a series of
Unsecured Convertible Promissory Notes with seven accredited
investors (the Investors) in the principal amount of $925,000
(the Notes). to the terms of the Notes, interest accrues at a
rate of 6% per year and is due and payable by the Company on
December 31, 2016 (the Maturity Date). The Company also issued,
to its placement agent for the Notes, a convertible promissory
note, upon the same terms and conditions as the Notes, in an
aggregate principal amount equal to 5% of the proceeds received
by the Company, or $46,250 (the Agent Note). The Notes are
convertible into shares of the Companys common stock at the
option of the Investors and as of December 31, 2016 $400,000 of
the aggregate principal amount of the Notes, and accrued interest
thereon, has been converted into an aggregate of 281,023 shares
of the Companys common stock. On the Maturity Date, the then
outstanding aggregate amount owed on the Notes and Agent Note of
$638,016 ($571,250 in principal amount and $66,766 of accrued
interest) became due. to the terms of the Notes, the Companys
failure to pay any principal or interest within 10 days of the
date such payment is due will constitute an event of default. The
Company is attempting to negotiate a resolution with the
Investors so that the Company will not default on such payment;
however, there is no guarantee that the Company will be able to
work out a satisfactory resolution.

On December 27, 2016, the Company received a decision letter (the
Letter) from the staff (the Staff) of The Nasdaq Stock Market LLC
(Nasdaq) stating that the Nasdaq Hearings Panel (the Panel) has
granted the Companys request to extend continued listing on
Nasdaq from December 31, 2016 until February 19, 2017, subject to
the certain conditions discussed below.

As previously reported in the Companys Current Report on Form
8-K, as filed with the Securities and Exchange Commission (the
SEC) on November 2, 2016, on November 1, 2016, the Company
received a decision letter (the November Letter) from the Staff
stating that the Panel had granted the Companys request for
continued listing on Nasdaq until December 31, 2016 to allow the
Company to close the previously announced merger of its
wholly-owned subsidiary, New Haven Labs Inc., with Precipio
Diagnostics, LLC (the Merger), which the Company expects to
result in a combined entity that will meet all initial listing
standards for the Nasdaq Capital Market. On December 9, 2016, the
Company asked that the Panel extend the exception through to
February 19, 2017 to give the Company sufficient time to obtain
stockholder approval and close the Merger.

Based on the November Letter, the Panel granted the Companys
request for continued listing until February 19, 2017, subject to
the following:

1. On or before February 19, 2017, the Company shall have closed
the Merger with Precipio and gained approval from the Staff for
listing of the post-merger company on the Nasdaq Capital Market.

Certain statements in this Current Report on Form 8-K constitute
forward-looking statements of the Company within the meaning of
the Private Securities Litigation Reform Act of 1995, which
involve known and unknown risks, uncertainties and other factors
that may cause actual results to be materially different from any
future results, performance or achievements expressed or implied
by such statements. The known risks, uncertainties and other
factors affecting these forward-looking statements are described
from time to time in the Companys filings with the SEC, including
in the Companys Annual Report on Form 10-K for the year ended
December 31, 2015, filed with the SEC on April 14, 2016, and its
Quarterly Report on Form 10-Q for the quarter ended September 30,
2016, filed with the SEC on November 14, 2016. Any change in such
factors, risks and uncertainties may cause the actual results,
events and performance to differ materially from those referred
to in such statements. For example, there can be no assurance
that the Company will meet the Minimum Bid Price Requirement or
the Minimum Stockholders Equity Requirement during any compliance
period or in the future, or otherwise meet Nasdaq compliance
standards, or that Nasdaq will grant the Company any relief from
delisting as necessary in the future or that the Company will be
able to ultimately meet applicable Nasdaq requirements for any
such relief. Accordingly, the Company claims the protection of
the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995 with respect to
all statements contained in this Current Report on Form 8-K. All
information in this Current Report on Form 8-K is as of the date
of this report and the Company does not undertake any duty to
update this information, including any forward-looking
statements, unless required by law.

About Transgenomic, Inc. (NASDAQ:TBIO)

Transgenomic, Inc. is a biotechnology company. The Company is engaged in advancing personalized medicine for the detection and treatment of cancer, and inherited diseases through its molecular technologies and clinical and research services. The Company operates through its Laboratory Services segment. The Company is engaged in the provision of its Multiplexed ICE COLD-PCR (MX-ICP) product to the clinical market, enabling the use of blood and other bodily fluids for diagnosis, monitoring and treatment of cancer. MX-ICP amplifies the ability to detect genetic mutations by approximately 100 to 400 fold. MX-ICP is validated internally on sequencing platforms, including Sanger, Next Gen Sequencing and Digital polymerase chain reaction (PCR). Its laboratory in Omaha, Nebraska is focused on providing genetic analytical services related to oncology and pharmacogenomics research services supporting Phase II and Phase III clinical trials conducted by pharmaceutical and biotechnology companies.

Transgenomic, Inc. (NASDAQ:TBIO) Recent Trading Information

Transgenomic, Inc. (NASDAQ:TBIO) closed its last trading session down -0.010 at 0.280 with 210,453 shares trading hands.