SEP Acquisition in a regulatory filing said it was notified by the Nasdaq that for the last 30 consecutive business days, the SPAC’s market value was below the minimum $35 million required for continued listing. SEP has until September to regain complaince with the requirement. SEP said it is evaluating its options.
Ahead of the SPAC’s last extension vote, about 16.7 million shares were redeemed out of slightly more than 18 million shares outstanding.
Formerly Mercury Ecommerce Acquisition, the SPAC was renamed in January.
Led by President and CEO Andrew White, SEP is targeting businesses in the e-commerce technology and tech-enabled services industry in North America. Under the Mercury Ecommerce name, the SPAC raised $175 million in a July 2021 IPO.
SEP announced last month that it holds all of its operating cash deposits with Silicon Valley Bank in the amount of approximately $1.2 million. None of the company’s trust deposits were held at SVB. Read more.
