RMG Acquisition III said it was notified by the Nasdaq that the exchange would not grant the SPAC an appeal of a delisting decision. RMG III securities will be suspended at the close of business today and thereafter delisted.
The SPAC said it will seek to list on the OTC so that a trading market may continue. The company also intends to apply for re-listing on the Nasdaq Capital Market or another national securities exchange in connection.
As of today, RMG III has not received approval from any stock exchange for a listing or re-listing.
The SPAC last week said its board reversed a decision to liquidate, which had also been scheduled for today, and now intends to file a proxy seeking an extension date.
RMG III earlier this month called off a deal with H2B2 Electrolysis Technologies, a vertically integrated provider of hydrogen energy systems, services and equipment. Read more.
