Aquaron Acquisition said it was notified by the Nasdaq that it currently does not satisfy a listing rule having not filed its Form 10-Q for the period ended March 31.
The SPAC has until July 22 to submit to Nasdaq a plan to regain compliance.
Aquaron earlier this month announced that merger partner Bestpath IoT Technology deposited $20,000 into the SPAC’s trust to extend the completion deadline to June 6. Aquaron issued a promissory note to Bestpath in the amount of the deposit. The interest-free promissory note is convertible into Aquaron securities at $10 per unit.
Bestpath develops hydrogen fuel cell powered vehicles in China. To date, the target has loaned at least $160,000 to the SPAC to cover extension deposits.
Aquaron raised $50 million in an October 2022 IPO to focus on companies in the new energy sector. Aquaron intends to raise additional funding via one or more PIPE subscriptions. Read more.
