PHP Ventures Acquisition in a regulatory filing said it was notified by the Nasdaq that it is no longer in compliance with a listing rule requiring at least 300 public shareholders.
The SPAC has until Oct. 9 to submit a plan for regaining compliance. If Nasdaq accepts the plan, PHP Ventures would have 180 days to establish compliance.
PHP Ventures two weeks ago secured a deadline extension up to Aug. 16, 2024, which would be the three-year aniversary of its IPO.
The SPAC has a merger agreement with Modulex Modular Buildings, a UK-based, globally focused “ConstrucTech” manufacturer of modular buildings. At announcement last December, the deal was valued at $600 million.
Since then, PHP Ventures has lost about 71% of its trust to redemptions on an extension vote back in December.
The SPAC said 906,611 shares were redeemed ahead of the most recent extension vote. Read more.
