Aetherium Acquisition Corp, a special purpose acquisition company, is set to be delisted from the Nasdaq Stock Market following a notification from Nasdaq on Monday, June 18, 2024. The decision comes after the company failed to meet Nasdaq's continued listing requirements, specifically maintaining a minimum Market Value of Listed Securities (MVLS) of $50 million and a minimum of 400 total shareholders.
The company was initially given until November 6, 2023, to regain compliance with the MVLS requirement. Despite efforts, including an appeal to the Nasdaq Hearings Panel and a compliance plan tied to a business combination agreement with Capital A Berhad, Aetherium did not meet the necessary criteria within the extended grace period that ended on May 28, 2024.
In response to the delisting notice, Aetherium Acquisition Corp has requested a hearing before the Panel by the deadline of July 5, 2024, to present a new compliance plan. This plan includes intentions to file a Form F-4 related to its business combination agreement and to potentially transfer the listing of its securities to the Nasdaq Capital Market.
Trading of Aetherium's units, Class A common stock, and warrants was suspended on Thursday, June 21, 2024. The company is currently preparing to submit its plan of compliance and still plans to file the Form F-4 as previously agreed with the Panel. If Aetherium does not appeal or the appeal is unsuccessful, Nasdaq will proceed with the delisting by filing a Form 25-NSE with the SEC.
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