RF Acquisition in a regulatory filing said it received notice from the Listing Qualifications Department of the Nasdaq that the SPAC is not in compliance with listing rules for failure to file its quarterly report on time for the fiscal quarter ended March 31.
The company has until July 29 to submit a plan to regain compliance.
RF Acquisition last October announced a merger agreement with video games distributor GCL Asia at a $1.2 billion pre-transaction equity value. If approved, at closing the combined company is expected to be listed on the Nasdaq under the reserved ticker symbol GCL.
The deal includes a minimum cash condition of $25 million and is expected to result in GCL receiving gross proceeds of approximately $42.9 million, assuming no further SPAC share redemptions.
RF Acquisition and GCL have said they will work together to pursue PIPE financing of up to $20 million. Read more.
