Distoken Acquisition in an 8-K said it received a notice from the Nasdaq stating that the SPAC is not in compliance with a listing rule because it has not timely filed its quarterly report for the period ended March 31.
Under Nasdaq rules, Distoken has until July 29 to submit the report or a plan to regain compliance with the rule. If Nasdaq accepts the plan, then Distoken would have until Nov. 18 to regain compliance.
The SPAC last month announced a merger agreement with Youlife International Holdings for $700 million in stock. Each will merge with newly-formed subsidiaries of Youlife Group, which will serve as the parent company following the completion of the deal. If approved, the combined company will be listed on the Nasdaq under the ticker symbol YOUL.
Youlife is a blue‑collar lifetime service platform in China. Operating under the brand name Youlan, Youlife integrates vocational education services, recruitment services, employee management services, and market services for blue-collar talent and businesses in China.
Distoken raised $60 million in a February 2023 IPO. Read more.
