Financial Strategies Acquisition announced that the Nasdaq Hearings Panel has determined to reconsider its decision to delist FXCO, and grant their request for an exception to the continued listing rules of the exchange. The SPAC faced removal from the Nasdaq for failure to file timely financial reports.
Trading in the shares, warrants, and rights of Financial Strategies Acquisition resumed today.
The SPAC described the challenges that it first experienced when trying to complete a merger with a Brazilian company, highlighting its efforts to find a suitable candidate to complete a merger.
Financial Strategies Acquisition has a deal pending with Austin Biosciences. Assuming no redemptions, the market capitalization of the combined companies will be approximately $166.3 million.
The SPAC said that it will regain compliance no later than Aug. 21, which is the due date for its Form 10-Q for the period ended June 30. Read more.
