Six months after receiving a Nasdaq delisting warning, Coliseum Acquisition in a filing said trading in its shares will be suspended Friday unless it appeals because the SPAC has not regained compliance with the minimum 300 shareholders rule.
The SPAC said it intends to appeal the Nasdaq’s delisting determination by requesting a hearing.
Coliseum’s sponsor in June sold its interest in the company to Berto LLC, an affiliate of Harry L. You. The sale covered 2,625,000 Class B shares and 2,257,500 warrants for an aggregate purchase price of $1 plus the acquirer’s agreement to advance funds to the SPAC for its deadline extension. The SPAC was also granted approval by the exchange to pursue a plan for regaining compliance by Sept. 17, but failed to do so, the Nasdaq determined.
Colisuem won shareholder approval to move its temination deadline to June 2024 in monthly increments, so long as the new sponsor continues to deposit the lesser of $100,000 or 4 cents a share into trust for each monthly extension. Management deployed the fourth extension yesterday with a $100,000 deposit.
The SPAC raised $150 million in an IPO two years ago to target consumer product, service and media companies at the intersection of sports, entertainment, digital media and/or technology. Read more.
