Breaking News: ExcelFin Acquisition Corp. Receives Nasdaq Notice for Non-Compliance, Potential Impact on Stock Price
ExcelFin Acquisition Corp., a special purpose acquisition company, has been issued a notice from The Nasdaq Stock Market on September 11, 2024, stating that it is not meeting Nasdaq's minimum publicly held shares requirement. This rule stipulates that the company must maintain at least 1,100,000 publicly held shares to continue being listed on the Nasdaq Global Market.
While this notice serves as a warning and does not immediately result in delisting, ExcelFin has been given a 45-day period until October 28, 2024, to submit a plan to Nasdaq detailing how it plans to regain compliance with the listing rule. If the plan is not accepted, the company can appeal before a Nasdaq Hearings Panel.
ExcelFin has expressed its intention to submit a compliance plan within the given timeframe. If Nasdaq approves the plan, ExcelFin may be granted an extension of up to 180 days from the notice date to demonstrate compliance.
Additionally, ExcelFin has made adjustments to its promissory note with its sponsor, ExcelFin SPAC LLC, extending the maturity date of the note to align with the new business combination deadline of December 25, 2024. This amendment provides ExcelFin Acquisition Corp. more time to finalize an initial business combination.
The amended promissory note now has a fixed maturity date of December 25, 2024, or the date of the initial business combination completion, with a total principal amount of up to $1,500,000. The changes were approved by a majority of shareholders in a recent special meeting.
In summary, ExcelFin Acquisition Corp. is facing non-compliance issues with Nasdaq, which could impact its stock price and listing status. The company has a limited time to submit a compliance plan and potentially regain compliance to avoid delisting. Shareholders have approved changes to the promissory note, providing the company with more time to finalize its business combination. Investors should keep a close eye on developments regarding ExcelFin's compliance efforts and how it may affect the company's future performance and stock value.