Berenson Acquisition I in an 8-K said it was notifed b y the nyse for being out of compliance with the NYSE American listing rule that requires the SPAC to maintain a minimum of 300 public stockholders on a continuous basis.
Berenson has 30 days to submit a plans for regaining compliance and said it would do so.
Berenson I last month announced a business combination agreement with Custom Health at a $185 million pre-money equity value.
The target provides a comprehensive technology-enabled medication management and managed care solution, resulting in 98% medication adherence for its patients across the United States and Canada, according to a press release announcing the merger agreement.
The SPAC originally raised $275 million in an October 2021 IPO with plans to focus on businesses operating in the software and technology-enabled services industry. However, more than 96% of its shares have been redeemed since then. Read more.