IX Acquisition Corp, a Cayman Islands-based company specializing in communication services, has successfully regained compliance with Nasdaq's listing requirements, according to a recent 8-K filing with the U.S. Securities and Exchange Commission. The company, trading under the ticker NASDAQ:IXAQ for its Class A ordinary shares, NASDAQ:IXAQU for its units, and NASDAQ:IXAQW for its redeemable warrants, faced potential delisting due to a deficiency in the number of total holders required for continued listing on the Nasdaq Global Market.
The issue arose on October 9, 2023, when Nasdaq notified IX Acquisition Corp that it did not meet the Minimum Total Holders Rule, which mandates at least 400 total holders for continued listing. The company was given until April 8, 2024, to address the shortfall. However, as of April 30, 2024, the company had not regained compliance, prompting Nasdaq to issue a notice of potential suspension and delisting.
In response, IX Acquisition Corp requested a hearing before the Nasdaq Hearings Panel, which took place on June 18, 2024. On Monday, the Panel confirmed the company's compliance with the listing rule, allowing its securities to continue trading on the Nasdaq Global Market.
The announcement provides a positive outcome for IX Acquisition Corp, which operates out of its principal executive offices in London, United Kingdom. The company's Chief Financial Officer and Chief Operations Officer, Noah Aptekar, signed off on the report. This development ensures the company's continued presence on a major stock exchange, which is critical for its visibility and accessibility to investors.
The information in this article is based on a press release statement.
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