The New York Stock Exchange suspended trading in blank-check firm SCVX and said it would begin delisting the company from the exchange. The suspension, effective at the market close yesterday, was disclosed by the SPAC on March 7.
NYSE said the SPAC had fallen below the continued listing standard requiring an acquisition company to maintain an average aggregate global market capitalization attributable to its publicly-held shares over a consecutive 30 trading day period of at least $40 million.
SCVX 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 their initial listing requirements, either.
SCVX said it is exploring alternative options.
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.
