Zalatoris II Acquisition, which received a non-compliance notice from the Nasdaq last month, filed a proxy proposing that holders of Class B stock be allowed to convert their shares to Class A stock on a one-for-one basis. A firm date for a shareholder vote was not cited in the proxy, although a vote is to be held sometime this month.
The SPAC’s board “believes that in order to be able to consummate an initial business combination, J. Streicher Holdings, LLC, a Delaware limited liability company (the “Sponsor”), as holder of the Zalatoris II Class B Common Stock will need to convert such Zalatoris II Class B Common Stock to Zalatoris II Class A,” the filing states.
Zalatoris II said in October it was notifed by the Nasdaq for being out of compliance with a rule that requires the SPAC to maintain at least 300 shareholders for a continued listing on the exchange.
Zalatoris II has until Nov. 13 to submit a plan for regaining compliance. If Nasdaq accepts the plan, the company will have up to 180 calendar days from the date of the notice to regain compliance. If Nasdaq does not accept the plan, the SPAC may appeal. Read more.
