Auris receives Nasdaq notice of noncompliance
Auris Medical Holding announced its receipt of notice from The Nasdaq Stock Market LLC indicating that the company did not meet Nasdaq's January 28, 2019 deadline to regain compliance with Nasdaq Listing Rule 5550a2 due to the bid price per share for its common shares remaining below $1.00. Further, Nasdaq determined that the company was not eligible for a second 180 day period to regain compliance since the company did not comply with the $5,000,000 Stockholders' Equity initial listing requirement for The Nasdaq Capital Market. The Notice states that, unless the company requests an appeal, Nasdaq intends to suspend the company's common shares and remove them from listing and registration on Nasdaq. Accordingly, the company requested a hearing before the Panel, which request will stay any delisting or suspension action by Nasdaq pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing. At the hearing, the company intends to present its plan to regain compliance with the minimum bid price requirement and to request an extension within which to do so. In the interim, the Company's common shares will continue to trade on The Nasdaq Capital Market under the trading symbol "EARS". "We believe we have a plan to regain compliance with the minimum bid price requirement," stated Thomas Meyer, Chairman and Chief Executive Officer of the Company. "We look forward to presenting our plan to the Panel, which will include a commitment to effect a reverse share split, if necessary. To that end, with the planned relocation of the Company's domicile to Hamilton, Bermuda, the Company will be in a position to implement such measure in a much quicker and more cost-efficient way than under Swiss corporate law."