TG Venture Acquisition said the Nasdaq intends to delist the SPAC unless it is able to regain compliance with a $15 million minimum market cap rule.
The company was notified in June of the deficiency and had until Dec. 19 to regain compliance, but did not.
In October, the exchange informed the SPAC that it was also out of compliance with the minimum 400 shareholders rule.
This led to the Nasdaq deciding to remove the SPAC from the exchange. pending the outcome of a hearing on the matter.
TG Venture said it intends to appeal the delisting determination by requesting a hearing, which will automatically pause the delisting.
The company intends to present a plan to regain compliance with both listing requirements. Meanwhile, its stock, units and warrants will continue to trade.
The SPAC has a merger agreement in place with Flexi Group, a workspace provider. At announcement a year ago, Flexi Group had a pro forma enterprise value of $205 million. Read more.
