Blank-check company SCVX in an 8-K filing disclosed that it will be delisted tomorrow from the New York Stock Exchange for failing to meet the listing standard that requires acquisition companies to have an average aggregate global market capitalization of at least $50 million and an average aggregate global market capitalization of $40 million attributable to publicly-held shares, in each case over 30 consecutive trading days.
The SPAC previously announced that it would voluntarily delist from NYSE and transfer to NYSE American. That transition was approved March 3, however, the following day NYSE American informed SCVX that upon further review it did not meet certain initial listing requirements. SCVX now no longer expects to transfer to NYSE American and is currently exploring alternative options for the listing of its securities.
The SPAC terminated a deal with Bright Machines in December. In January SCVX said it had signed a non-binding letter of intent with an unnamed target in the Environmental, Social, and Governance (ESG) space. Read more.
