Iris Acquisition in an 8-K said it received notice from the Listing Qualifications Department of the Nasdaq that it has failed to comply with a rule requiring SPACs to complete a business combination within 36 months of the effectiveness of an IPO registration.
Iris said it will appeal before the stock is suspended from trading March 14.
The SPAC had scheduled a shareholders meeting last week to vote on a six-month extension, but the results of the vote have not been released. The initial extension would push the deadline June 9, when the board could opt to extend another three months.
The SPAC’s cash in trust was down to about $4.2 million ahead of the last extension vote, in September.
Iris has a merger agreement with Liminatis Pharma. Liminatus is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies. Liminatus is expected to list on the Nasdaq if the deal closes. Read more.
