Genesis Growth Tech Acquisition announced that it received a delisting warning from the Nasdaq for several deficiencies.
The SPAC’s market cap has fallen below the $50 million minimum threshold for an ongoing listing. Further, a Nasdaq listing rule require that SPAC’s have at least 600,000 publicly held shares. Nasdaq calculated that Genesis Growth Tech has 101,039 shares outstanding.
Finally, the company’s failure to timely file a 10-Q by deadline is an additional and separate basis for delisting.
Shares will be suspended from the exchange if the SPAC does not appeal by July 25.
The company in a press release said it is determining whether to appeal. In the event the company does not appeal, it would be eligible to list on the OTC Markets.
The Nasdaq issued a trading halt July 13 in the SPAC’s securities.
Genesis Growth’s trust account was nearly obliterated by redemptions in March during an extension vote.
The SPAC has a merger agreement with NextTrip Holdings that would lead to the travel technology incubator becoming publicly traded if the deal is approved.
Based in Sunrise, Florida, NextTrip specializes in using proprietary technology, analytics, and strategic partnerships to provide travel solutions in leisure, wellness, and business travel. Read more.
