Cartica Acquisition said it was notified by the Nasdaq Listing Qualifications Department that the SPAC was out of compliance with a rule requiring at least 400 total holders for continued listing on the exchange, according to an 8-K filing.
Cartica has until Nov. 9 to submit a plan for regaining compliance.
If Cartica is unable to regain compliance by that date, the SPAC said it intends to submit a plan to regain compliance within the required 180-day timeframe.
The SPAC in June won an extension vote, giving it until April 7, 2024 to find and close a deal, although redemptions erased more than two-thirds of the trust. Cartica now holds slightly less than $96 million. Read more.
