Asia-focused Greencity Acquisition in an 8-K said it was notified by the Nasdaq of non-compliance with the minimum $35 million standard for a continued listing. The SPAC has until Sept. 20 to regain compliance.
Greencity earlier this month filed a proxy with plans to call an April meeting for shareholders to vote on another deadline extension. This would be the 10th, if approved.
Greencity shareholders in October gave the SPAC a green light for another extension on its deadline, which now expires April 28. The sponsor has already poured more than $1 million into Greencity’s trust for previous extensions.
The latest proposal, if approved, would give the SPAC up to six monthly extensions to Oct. 28. In return, the SPAC would deposit 3.3 cents a share into trust for each month. Read more.
