Atlantic Coastal Acquisition said it received a delisting notice from the Nasdaq that its stock will be suspended from the exchange on Feb. 23. The SPAC said it will not dispute the decision, and had already announced in August last year that it would liquidate.
Atlantic Coastal was notified twice last year that it did not comply with Nasdaq’s requirements because it had not filed quarterly reports for the period ended June 30 and Sept. 30, and did not meet the FEb. 13 deadline to do so.
Separately, the SPAC has not held a shareholders meeting for a year — another Nasdaq violation.
The SPAC in October sold a controlling interest in the sponsor’s stake to Porsche Capital. The remaining 45% was transferred to an LLC controlled by the SPAC’s former CEO.
Atlantic Coastal in February 2022 terminated a proposed merger with Essentium, which makes industrial additive manufacturing solutions. The decision was mutual, the SPAC said at the time.
The SPAC raised $300 million in a March 2021 IPO. Read more.
