Canna-Global Acquisition in an 8-K filing said it was notified by the Nasdaq in January that it had not regained compliance with the $50 million minimum Market Value of Listed Securities Standard. The SPAC had until July 24 to regain compliance.
Canna-Global said yesterday it filed a listing application to transfer to the Nasdaq Capital Market, where listing requiremewnts are less stringent.
The SPAC said it would ask for a hearing to stop any trading suspension and the Nasdaq reaches a decision on the exchange transfer application.
Canna-Global disclosed in March that redemptions ahead of its November 2022 extension vote removed approximately $212 million from trust, leaving about $24.3 million.
The SPAC in June announced a merger agreement with Sydney-based New Quantum Holdings Pty Ltd. at an estimated proforma enterprise value of $800 million. The target provides wealth management all-in-one Fintech as a Service. Read more.
