CONX said it was notified by the Nasdaq that despite its completed business combination, as a result of the company’s market value as of May 1, the transaction did not demonstrate compliance with Nasdaq’s initial listing requirements. As a result, trading of CONX securities will be suspended from the exchange at the May 6 opening.
CONX said it expects to request an appeal of the decision. Meanwhile, the SPAC has applied for its securities to be quoted on an over-the-counter market operated by the OTC Markets Group.
CONX this week closed on the acquisition of the corporate headquarters of DISH Wireless in Littleton, CO. The SPAC purchased the property for $26.4 million from EchoStar Real Estate Holding, which agreed to sell and lease back the facility.
The transaction was structured to qualify as an asset acquisition that would meet the requirements of a business combination, as defined in the SPAC’s articles of incorporation. Read more.
