ASPAC II Acquisition Corp, a special purpose acquisition company (SPAC), has received notification from The Nasdaq Stock Market LLC that it does not meet the minimum shareholder requirement for continued listing on the Nasdaq Global Market.
The company was informed on Thursday, September 13, 2024, that it failed to comply with the 400 total shareholders rule, as per Nasdaq Listing Rule 5450(a)(2).
The SPAC, which is currently listed under the ticker symbols ASCBU, ASCB, ASCBR, and ASCBW for its units, shares, rights, and warrants respectively, was unable to regain compliance during the granted extension period, which concluded on September 11, 2024. The company has been given until September 20, 2024, to request a hearing before the Nasdaq Hearings Panel to appeal the delisting decision.
Should ASPAC II Acquisition Corp choose not to appeal or if the appeal is unsuccessful, trading of its securities will be suspended at the opening of business on September 24, 2024. Subsequently, a Form 25 NSE will be filed with the Securities and Exchange Commission (SEC), formally removing the company's securities from Nasdaq listing and registration.
In anticipation of a potential delisting, ASPAC II Acquisition Corp has indicated that its securities are expected to be traded over-the-counter. Additionally, the company plans to apply for a Nasdaq listing in conjunction with the closing of a future business combination. This move would potentially bring the company back into compliance with Nasdaq's listing requirements.
The information regarding the notice of delisting is based on a press release statement from ASPAC II Acquisition Corp, as per the regulatory requirements of an 8-K filing with the SEC. The company, which is incorporated in the British Virgin Islands and headquartered in Singapore, is led by CEO Serena Shie, who signed off on the SEC filing dated September 19, 2024.
In other recent news, ASPAC II Acquisition Corp. has revealed its consideration of two potential business combination targets. The company disclosed in a filing with the U.S. Securities and Exchange Commission that it is eyeing a biofuel technology firm in Vietnam and a copper mining company in Nepal. The biofuel target is a leading ethanol manufacturer in Vietnam with over two decades of experience and a positive EBITDA since 2022.
The potential mining target is in the exploration stage of a promising copper mine project in the Himalayas. Both potential targets have signed non-binding letters of intent with ASPAC II Acquisition Corp., but no definitive business combination agreements have been reached yet.
The company's shareholders will vote on an extension amendment proposal in a special meeting, which, if approved, will provide additional time for completing its initial business combination.
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