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.
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.
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: December 22, 2022||By:|
Paul E. Cayer
President, Secretary, Chief
Financial and Business Officer