Nova Vision Acquisition in an 8-K said it was notified by the Nasdaq that it is out of compliance with the minimum 300 shareholders rule. The SPAC said it will ask for a hearing, which will halt any suspension or delisting pending the outcome.
Nova Vision has a deal with Real Messenger, which offers a platform for real estate transactions.
The SPAC raised $57.5 million in an IPO two years ago, although redemptions since then have reduced the cash in trust to about $16.4 million. Nova Vision is seeking to raise $20 million from a PIPE to support the Real Messenger transaction.
Terms call for Real Messenger to receive 5 million shares. Read more.
