GGAA - SPAC Genesis Growth Tech Acquisition receives Nasdaq notice for non-compliance

2023-07-17 03:48:19 ET

• SPAC Genesis Growth Tech Acquisition ( NASDAQ: GGAA ) receives Nasdaq notice for non-compliance as the average market capitalization is less than $50 million and the average market value of publicly held securities for its Class A ordinary shares has been below $40 million over a 30-day period.

• Furthermore, special-purpose acquisition companies are required to hold at least 600,000 in publicly held shares. According to the company’s Form 10-K for the year ended December 31, 2022, Nasdaq calculated the number of publicly held shares as 101,039. Nasdaq advised that this deficiency serves as an additional and separate basis for delisting.

• Also, the company has failed to timely file its Form 10-Q for the period ended March 31, 2023. The Company’s failure to timely file its periodic report also serves as an additional and separate basis for delisting, provided that such a Form 10-Q is scheduled for filing on July 14, 2023.

• As per the notice, unless the company requests an appeal of this determination, trading of the Company’s listed securities will be suspended from The Nasdaq Global Market on July 25, 2023, and a Form 25-NSE will be filed with the SEC, which will remove the company’s securities from listing and registration on The Nasdaq Stock Market.

• In the event the company does not appeal Nasdaq’s determination, it expects that its securities will be eligible to be quoted on the OTC Markets.

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