Technology & Telecommunication Acquisition Corp (NASDAQ:TETE), a special purpose acquisition company, has been notified of its pending delisting from the Nasdaq Stock Market due to non-compliance with a specific listing rule. On January 16, 2025, the company was informed by Nasdaq's Listing Qualifications Department that its securities are set to be delisted for failing to complete a business combination within the required 36-month period following its initial public offering.
The Nasdaq staff has determined that trading of the company's ordinary shares, warrants, and units will be suspended as of the opening of business on January 23, 2025. Consequently, a Form 25-NSE will be filed with the U.S. Securities and Exchange Commission (SEC), which will officially remove the company's securities from listing and registration on Nasdaq.
This action follows Rule IM-5101-2, which mandates a special purpose acquisition company to finalize at least one business combination within three years of its IPO registration statement becoming effective. Technology & Telecommunication Acquisition Corp's inability to meet this deadline by January 14, 2025, resulted in the delisting decision.
In anticipation of the delisting, on January 22, 2025, the company received new trading symbols from the Financial Industry Regulatory Authority (FINRA) for its ordinary shares (TETEF), units (TETUF), and warrants (TETWF). Starting January 23, 2025, these securities may be quoted and traded in the over-the-counter market, providing an alternative platform for transactions following their removal from Nasdaq.
This development has been confirmed through a current report filed by Technology & Telecommunication Acquisition Corp with the SEC. The report, dated January 23, 2025, was signed by Chief Executive Officer Tek Che Ng, affirming the company's acknowledgment of the delisting and the transition to the over-the-counter market.
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