SECURITIES AND EXCHANGE COMMISSION
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|Item 3.01|| |
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
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 has determined to delist the Company’s securities unless the Company timely requests 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 intends to timely request a hearing before the Panel which will stay the delisting of the Company’s securities pending the issuance of a decision by the Panel and the expiration of any extension the Panel may grant to the Company following the hearing.
There are no assurances that a stay will be granted or that a favorable decision will be obtained.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|Date: November 18, 2022||By:|| |
/s/ Paul E. Cayer
|Paul E. Cayer|
|Chief Financial and Business Officer|