Aura FAT Projects Acquisition Corp, a company specializing in motion picture and video tape distribution, is facing delisting from the Nasdaq Stock Market. On Monday, the company disclosed a formal notice from Nasdaq indicating non-compliance with several listing requirements, including market value and minimum shareholder count.
The Singapore-based company, trading under the symbols AFARU, AFAR, and AFARW, was initially warned on December 15, 2023, about its failure to meet the Market Value of Listed Securities requirement of $50 million. Despite being given 180 days to regain compliance, Aura FAT Projects Acquisition Corp was unable to meet the standards.
On July 19, 2024, Nasdaq issued a written notice confirming the company's failure to regain compliance and highlighted additional concerns. These include not meeting the minimum of 1,100,000 publicly held shares, a $15 million market value of publicly held shares, and potentially falling below the minimum requirement of 400 total holders.
Consequently, trading of the company's securities was halted on July 19, 2024. Nasdaq will decide whether to resume trading following the company's disclosure of this notice. If the company does not appeal by July 26, 2024, trading will be suspended on July 30, 2024, and the securities will be delisted.
Aura FAT Projects Acquisition Corp plans to appeal the decision to a Nasdaq Hearings Panel and has expressed intentions to request a stay of the suspension while awaiting the hearing. However, there are no guarantees regarding the outcome of the appeal or the company's ability to meet Nasdaq's listing criteria in the future.
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