OTC Markets Group today announced that Constellation Acquisition I has qualified to trade on the OTCQX Best Market. The SPAC previously traded on The New York Stock Exchange. Constellation last month announced it would voluntarily delist from the NYSE.
The SPAC’s shares, units and warrants began trading today on OTCQX under the symbols CSTAF, CSTUF and CSTWF, respectively.
Constellation I had 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 had been evaluating its listing options for some time and concluded that the cost of an NYSE listing and the management attention required to maintain compliance with NYSE listing standards outweighed the benefits of being on the 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.
