Odonate Announces Expected Delisting of Its Stock

Rhea-AI Summary

Odonate Therapeutics, Inc. (NASDAQ: ODT) received notice from Nasdaq on January 6, 2022, stating that Odonate is considered a 'public shell' under Listing Rule 5101. As a result, Nasdaq will suspend trading of Odonate's common stock at the opening of business on January 18, 2022. Odonate has decided not to appeal this decision and will file a Form 25-NSE with the SEC to remove its securities from Nasdaq listing and registration. Additionally, Odonate plans to submit a Form 15 to suspend its reporting obligations.

Positive

• None.

Negative

• Odonate's classification as a 'public shell' suggests a lack of viable business operations.
• Trading suspension on Nasdaq may severely affect stock liquidity and investor confidence.
• Decision not to appeal the Nasdaq determination indicates acceptance of a potentially detrimental status.
• Filing a Form 25-NSE and Form 15 could lead to more scrutiny from investors and regulators.

NEW YORK--(BUSINESS WIRE)-- Odonate Therapeutics, Inc. (NASDAQ: ODT) today announced that on January 6, 2022 it received written notice from The Nasdaq Stock Market LLC (“Nasdaq”) notifying Odonate that Nasdaq believes that Odonate is a "public shell" pursuant to Listing Rule 5101, and that the continued listing of its securities is no longer warranted. Odonate will not appeal this determination. Therefore, Odonate expects the trading of its common stock on The Nasdaq Stock Market to be suspended at the opening of business on January 18, 2022, and that Nasdaq will file a Form 25-NSE with the U.S. Securities and Exchange Commission (the “SEC”), which will remove Odonate’s securities from listing and registration on The Nasdaq Stock Market. Additionally, Odonate intends to file with the SEC a Form 15 requesting the suspension of the Company’s reporting obligations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220107005100/en/

Odonate Therapeutics, Inc.

Michael Hearne

Chief Financial Officer

(332) 208-7611

mhearne@odonate.com

Source: Odonate Therapeutics, Inc.

FAQ

What did Odonate Therapeutics announce on January 6, 2022?

Odonate announced that Nasdaq deemed it a 'public shell' under Listing Rule 5101, resulting in a trading suspension.

When will Odonate's trading be suspended on Nasdaq?

Trading of Odonate's common stock will be suspended at the opening of business on January 18, 2022.

Will Odonate appeal the Nasdaq determination?

No, Odonate has decided not to appeal the Nasdaq's determination.

What filings will Odonate make following the Nasdaq decision?

Odonate intends to file a Form 25-NSE to remove its securities from Nasdaq and a Form 15 to suspend its reporting obligations.