Rose Hill Acquisition in July was notified by the Nasdaq that it had failed to regain compliance with a listing rule requiring at least 500,000 publicly held shares to continue trading on the exchange. The SPAC was first notified in February.
Rose Hill last month appealed the decision and a hearing before a Nasdaq panel is scheduled for Oct. 5, according to an 8-K filing.
Last week, the Nasdaq informed Rose Hill that it was also not in compliance with a requirement to maintain at least 400 shareholders.
The panel may grant Rose Hill more time to regain compliance, although the SPAC noted that cannot be assured.
Rose Hill Acquisition and merger partner Prize, an exporter of superfruits based in Chile, moved their merger deadline in July to Oct. 18.
Rose Hill added that it, Prize and certain investors were working on the key economic terms of subscription agreements for a PIPE of at least $50 million to support the merger.
Either the SPAC or the target can terminate the deal if the PIPE transaction has not been completed by the new date.
At deal announcement last October, the merger was expected to result in $65 million in total cash proceeds to Prize. Read more.
