Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously reported, on November 14, 2022, Otonomy, Inc. (the "Company")
received notice from the Listing Qualifications Staff (the "Staff") of The
Nasdaq Stock Market LLC ("Nasdaq") indicating that the Staff had determined to
delist the Company's securities unless the Company timely requested a hearing
before the Nasdaq Hearings Panel (the "Panel"). The Staff's determination was
due to the Company's securities having a closing bid price of less than $0.10
per share for the preceding ten consecutive trading days, in contravention of
Nasdaq Listing Rule 5810(c)(3)(A)(iii).
The Company submitted a request for a hearing before the Panel and delisting was
stayed pending the Company's hearing with the Panel scheduled for December 22,
2022. Following the Company's announcement of its Plan of Dissolution on
December 19, 2022, the Company had further discussions with the Staff and
determined that its plan would not support regaining compliance to maintain the
listing of its securities on Nasdaq. On December 21, 2022, the Company notified
Nasdaq of its intention to withdraw from the Nasdaq hearing process.
On December 22, 2022, the Company received a letter from the Staff advising the
Company that the Company's shares would be suspended from trading on Nasdaq,
effective at the open of business on December 23, 2022.
Following such suspension, the Company anticipates its securities will be quoted
on the OTC Pink Market.
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