Fusion Acquisition II said it has been informed by the NYSE of an immediate suspension in trading as the exchange begins delisting procedures. The SPAC is not in compliance with the NYSE’s continued listing standard requiring an average aggregate global market capitalization of at least $40 million.
The SPAC has the right to a review of the NYSE Regulation’s decision. Fusion II said it will consider all of its options, including its option to pursue a review, in responding to the NYSE notification.
Fusion II shareholders last month approved extending the completion deadline to March 2, 2024, however, redemptions of 2,280,576 shares removed approximately $24.2 million from the trust, leaving about $23.3 million.
The SPAC in August announced it had signed a non-binding letter of intent for a business combination with Hyperloop Transportation Technologies. Read more.
