Capitalworks Emerging Markets Acquisition in an 8-K said its securities were delisted from the Nasdaq Global Market effective today.
The SPAC was initially notified in September that it faced removal from the exchange for falling below the minimum required threshold of 400 shareholders. Capitalworks in March applied to step down to the Nasdaq Capital Market, but within a month the SPAc had fallen below the minimum 300 shareholders required for a listing on that exchange.
Capitalworks now intends to list units, shares and warrants on the OTC Pink Market under their existing symbols, CMCAU, CMCA and CMCAW.
Capitalworks in April sold its sponsor economics to Vikasati Partners.
Capitalworks in March mutually agreed to terminate a merger agreement with reinsurance and digital insurance provider Lexasure Financial Group. The deal was announced last year at a pre-money equity value of $250 million.
The SPAC held approximately $46.77 million in trust as of Jan. 24. Capitalworks had raised $230 million in a December 2021 IPO. Read more.
