Welsbach Technology Metals Acquisition in an 8-K said it was notified by the Nasdaq that it no longer complies with the listing rule rele requiring at least a $50 million market value.
The SPAC has 180 calendar days to regain compliance and intends to transferr its listing from the Nasdaq Global Market tier to the Nasdaq Capital Market, which requires the lower threshold of a $35 million market cap.
The SPAC warned, however, that it cannot be assured of a successful listing transfer or maintain compliance with the new requirements.
Shareholders in October approved a deadline extension up to June 30, 2024 to seal a deal. There will be no additional contributions to the trust as part of the extension.
The SPAC in June called off a merger with WaveTech Group by mutual agreement. Read more.
