Welsbach Technology Metals Acquisition said it was contacted by the Nasdaq Listing Qualifiactions Department about falling out of compliance with the minimum 400 investors rule.
The SPAC has 45 days to submit a plan for regaining compliance and said it would do so.
Shareholders earlier this month approved a deadline extension up to June 30, 2024 to seal a deal. There will be no additional contributions to the trust as part of the extension.
Welsbach in June of this year called off a merger with WaveTech Group by mutual agreement.
Redemptions ahead of an extension vote in March wiped out more than half the SPAC’s cash in trust. Welsbach as of June had about $37.7 million in trust. Read more.
