Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On May 2, 2023, Oncorus, Inc. (the "Company") received a notice (the "Extension
Notice") from the Listing Qualifications Department of the Nasdaq Stock Market
("Nasdaq") informing the Company that Nasdaq granted the Company an additional
180 calendar days, or until October 30, 2023, to regain compliance with the
minimum closing bid price requirement for continued listing on The Nasdaq
Capital Market under Nasdaq Listing Rule 5550(a)(2) (the "Rule"). In connection
with the Extension Notice, the listing of the Company's common stock was
transferred from the Nasdaq Global Market to the Nasdaq Capital Market,
effective as of May 3, 2023. The Extension Notice has no other immediate effect
on the listing of the Company's common stock.
If at any time before October 30, 2023, the closing bid price of the Company's
common stock is at least $1.00 per share for a minimum of 10 consecutive
business days, Nasdaq will provide written confirmation that the Company has
achieved compliance with the Rule. If compliance with the Rule cannot be
demonstrated to Nasdaq's satisfaction by October 30, 2023, Nasdaq will provide
written notification that the Company's common stock will be delisted. At that
time, the Company may appeal Nasdaq's delisting determination to a Nasdaq
Hearings Panel.
The Company intends to continue actively monitor the bid price for its common
stock between now and October 30, 2023, and will consider available options to
resolve the deficiency and regain compliance with the Rule. These options
include, but are not limited to, effecting a reverse stock split, if necessary,
to attempt to regain compliance. If the Company does not regain compliance
within the additional compliance period, Nasdaq will provide notice that the
Company's common stock will be subject to delisting. The Company would then be
entitled to appeal that determination to a Nasdaq hearings panel. There is no
assurance, however, that the Company will regain compliance with the Rule or
that the Company's common stock will not be delisted from Nasdaq.
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ONCORUS, INC. 