Relativity Acquisition in an 8-K filing said it prevailed in its request for a continued Nasdaq listing after the exchange threatened in January to remove the SPAC because it had fallen below several key thresholds, including a minimum market cap and number of shares.
However, a trading halt imposed that the time remains in effect due to concerns about the SPAC’s stock liquidity, according to the filing.
Relativity in February announced a merger agreement with SVES, an off-price apparel distribution company based in Florida, at a pro forma enterprise value of $707.25 million.
If approved, upon closing SVES expects to list on the Nasdaq under the new ticker symbol SVES.
SVES was founded in 2017 to fill a gap in the retail supply chain by providing full-price retail fashion brands an efficient and effective way to monetize overstocked items.
Initially focused on cannabis companies, Relativity raised $143.75M in a February 2022 IPO. Read more.
