Papaya Growth Opportunity I in a regulatory filing said it was notified by the Nasdaq that it faces delisting for falling below the $50 million minimum market cap requirement. The SPAC has 180 days (June 7, 2024) to regain compliance.
Papaya Growth Opportunity I said it would monitor its market cap and evaluate options before the deadline.
The SPAC raised $250 million in a January 2022 IPO to search for a target business operating in the software, internet, media, fintech, healthcare IT or consumer industry sectors. Redemptions ahead of an extension vote back in April reduced the cash in trust to about $102.5 million. The trust eroded further following another extension vote in August. Read more.
