Dune Acquisition in a regulatory filing said it wasnotifiedd by the Nasdaq of potential suspension and delisting from the exchange due to non-compliance with a rule requiring SPACs to complete a deal within 36 months of an IPO. Dune said it intends to request a hearing on the matter..
Meanwhile, Dune said it expects to close its merger today with Global Gas Holdings, a direct, wholly-owned subsidiary of Dune. The deal will close without Nasdaq listing approval due to the failure of the combined company to satisfy all of the initial listing standards of the Nasdaq Capital Market, according to the filing.
The combined company intends “to work expeditiously to satisfy all of the applicable Nasdaq listing standards as promptly as practicable.”
There is no minimum cash condition to close.
Dune said 747,518 shares were redeemed in connection with the merger vote, removing just over $7.5 million from the trust.
Dune last month said it lowered the consideration to be paid to Global Hydrogen to $43 million from $48 million. This follows a reduction in the deal size in August from the original $57.5 million consideration.
The deal was announced in May at a pro forma combined enterprise value of $112 million.
The SPAC raised $172.5 million in an IPO three years ago. Redemptions on a June 2022 extension vote wiped out 93% of the trust at that time. Read more.
