Liberty Resources Acquisition, which is attempting to finalize a merger with Caspi Oil Gas, said it was notified of a listing deficiency by the Nasdaq. According to the Nasdaq, the SPAC has fallen below the minimum 1.1 million outstanding shares required for a continued listing — a claim Liberty Resources disputes.
The SPAC in an 8-K said it would work with Nasdaq to get the float notice rescinded. Failing that, Liberty Resources would have until July 31 to present a plan for regaining compliance.
Malaysia-based Liberty entered into a business combination with Caspi in December at a proforma enterprise value of $427.7 million. Through a restructuring, the combined company would become the resultant amalgamated parent company and is expected to continue a listing on the Nasdaq.
Liberty Resources has secured multiple deadline extensions to get the deal across the finish line and now has a February 2024 completion date.
The SPAC raised $100 million in a December 2021 IPO. Read more.
