Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
           Standard; Transfer of Listing.

On June 23, 2022, Ampio Pharmaceuticals, Inc. (the "Company") received a written notice (the "Notice") from the NYSE American LLC (the "NYSE American") indicating that the Company is not in compliance with the NYSE American continued listing standard set forth in Section 1003(f)(v) of the NYSE American Company Guide because its common stock has been selling at a low price for a substantial period of time, which NYSE American determined to be a 30 trading day average price of less than $0.20 per share. The Notice does not result in the immediate delisting of the Company's common shares from the NYSE American Market. Additionally, the Notice has no immediate effect on the listing or trading of the Company's common stock and the common stock will continue to trade on the NYSE American Market under the symbol "AMPE". The Company's receipt of the Notice does not affect the Company's business, operations or reporting requirements with the Securities and Exchange Commission.

Pursuant to Section 1003(f)(v) of the NYSE American Company Guide, the NYSE American staff determined that the Company's continued listing is predicated on it effecting a reverse stock split of its common shares or otherwise demonstrating sustained price improvement within a reasonable period of time, which the staff determined to be no later than December 23, 2022. The Notice further stated that as a result of the foregoing, the Company has become subject to the procedures and requirements of Section 1009 of the NYSE American Company Guide, which could, among other things, result in the initiation of delisting proceedings, unless the Company cures the deficiency in a timely manner.

The Company intends to closely monitor the price of its common stock and consider available options if its common stock does not trade at a consistent level likely to result in the Company regaining compliance by December 23, 2022. As previously disclosed, the Company's board of directors is actively considering strategic alternatives as part of the previously publicly announced process. Additionally, at the Company's 2022 Annual Meeting of Stockholders, the Company will be asking stockholders to approve an amendment to the Company's certificate of incorporation to effect a reverse stock split within a specified range at the discretion of the Company's board of directors. If approved by the Company's stockholders, the Board of Directors' decision as to whether and when to effect the reverse stock split will be based on a number of factors, including market conditions, existing and expected trading prices for the common stock, and compliance with NYSE American's continued listing standards.

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