The New York Stock Exchange (NYSE) announced today that it has initiated proceedings to delist three securities of Prime Impact Acquisition I ("the Company"). The securities in question are the PIAI Class A ordinary shares, PIAI.U units, and PIAI.W warrants, each of which is exercisable for one Class A ordinary share at an exercise price of $11.50. Trading in these securities will be suspended immediately.
The decision by NYSE Regulation to delist the securities comes as a result of the Company's failure to finalize a business combination within the stipulated time period, as defined either by its constitutive documents or by contract, or within three years. This decision is in line with Sections 802.01B and 102.06e of the NYSE's Listed Company Manual.
The Company retains the right to request a review of this decision by a Committee of the Board of Directors of the NYSE. Following all applicable procedures, including any potential appeal by the Company against the NYSE Regulation staff's decision, the NYSE will apply to the Securities and Exchange Commission to delist the securities.
Prime Impact Acquisition I has not yet commented on these developments.
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