Aura FAT Projects Acquisition in a regulatory filing said it was notified by the Nasdaq for falling out of compliance with the $50 million minimum market cap rul for a continued listing.
The SPAC has 180 days to regain compliance and said it will take action to do so.
Also today, the SPAC said it deposited $50,000 to extend its merger deadline by another month until Jan. 18.
Aura FAT Projects has a deal in hand with Allrites, a global B2B content marketplace.
Singapore-based Allrites owns proprietary Content as a Service (“CaaS”) technology for film & TV content rights for buyers, including established and emerging broadcasters and streaming platforms and sellers such as major studios, independent producers and production companies around the world.
The deal pegs Allrites’ enterprise value at around $92 million, with a potential earnout of up to $18 million over two years if certain revenue targets are met. Read more.
