Bite Acquisition said it received notice from the NYSE American that delisting proceedings would begin because the SPAC has not completed a deal within three years of its IPO registration.
The SPAC intends to ask for a review hearing on the decision.
Bite announced last week that shareholders approved a deadline extension up to Aug. 17. That provides additional time for the SPAC to complete its merger with Above Food.
Based in the Canadian province of Saskatchewan, Above Food operates a vertically integrated supply chain to deliver differentiated ingredients and consumer products.
Bite said 518,880 shares were redeemed in connection with the extension vote at approximately $10.70 per share, removing about $5.55 million from the trust, which now holds $25.25 million. Bite originally raised $175 million in a February 2021 IPO. Before the latest round of redemptions, shareholders last December cashed-out 85% of the trust on an extension vote.
If the deal is approved, upon closing Above Food is expected to list on the NYSE under new ticker symbol ABVE. The transaction was announced in May last year. Read more.
