Emerging Markets Horizon announced today that it received a notice from the Listing Qualifications Department of the Nasdaq stating that the SPAC was not in compliance with listing rules because it failed to timely file an annual report on Form 10-K for the fiscal year ended Dec. 31.
The SPAC has 60 days to submit a plan for compliance. The notice has no immediate impact on the SPAC’s market listing.
The delay in filing an annual report, the SPAC said, stems from auditing issues related to the company’s historical relationship with Russian bank VTB. The SPAC’s sponsor was VTB Capital.
Last month the SPAC said it had taken actions in response to the recent sanctions imposed by the United States and other jurisdictions relating to Russia, including blocking sanctions against VTB Bank PJSC and certain of its subsidiaries, as well as entities that are owned 50 percent or more, directly or indirectly, by VTB.
Emerging Markets Horizon said as of March 23 the SPAC and its sponsor will no longer employ or have on its board of directors any employees or representatives of VTB. Read more.
