Skip to main content

Otonomy Announces Change in Stock Exchange Listing

Written by Customer Service on . Posted in Public Companies.

SAN DIEGO, Dec. 22, 2022 (GLOBE NEWSWIRE) — 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 Inquiries
ICR Westwicke
Robert H. Uhl
Managing Director
858.356.5932
robert.uhl@westwicke.com

 

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.