Otonomy Announces Change in Stock Exchange Listing
December 22 2022 - 7:53AM
Otonomy, Inc. (Nasdaq: OTIC) today announced that it received
a letter from the Listing Qualifications Staff of The Nasdaq Stock
Market LLC (Nasdaq) indicating 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’s
shares will be traded on the OTC Pink Market.
As previously reported, on November 14, 2022, Otonomy
received a notice from Nasdaq indicating that the Listing
Qualifications Staff (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.
On December 1, 2022, the Company submitted a request for a
hearing and delisting was stayed pending the company’s hearing with
the Panel scheduled for December 22, 2022. Following Otonomy’s
announcement of its Plan of Dissolution on December 19, 2022, the
company had further discussions with Nasdaq personnel 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.
Based on Nasdaq’s procedures, once the withdrawal from the
hearing process has been made, delisting of the stock occurs two
business days later. Accordingly, Nasdaq will suspend trading of
Otonomy’s shares effective at the open of business on December 23,
2022. Following such suspension, Otonomy’s shares will be traded on
the OTC Pink Market.
Contacts:
Investor InquiriesICR WestwickeRobert H. UhlManaging
Director858.356.5932robert.uhl@westwicke.com
Otonomy (NASDAQ:OTIC)
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