Constellation Acquisition I (NYSE: CSTA) announced its intention to voluntarily delist from the NYSE and apply to list on the OTCQX Marketplace.
The SPAC said it provided notice to the NYSE on Dec. 20. The delisting is expected to be effective by Jan. 11.
Constellation I said that although the timing of its decision was driven in part by the determination it could soon fall out of compliance with NYSE listing standards, the SPAC has been evaluating its listing options for some time and has concluded that, for the company, the cost of an NYSE listing and the management attention required to maintain compliance with NYSE listing standards outweighs the benefits of being listed on NYSE.
The SPAC raised $300 million in a January 2021 IPO and has not announced a deal. Its current market cap is just over $135.4 million.
Constellation I has been searching for a suitable company “that is at the forefront of change in one of several rapidly changing segments of the global economy,” driven either by digitization of business processes, the rising global middle class and their increased focus on personal well-being or the pace and impact of disruptive innovation. Read more.
