Goldenbridge Acquisition in an 8-K said it received notice from the nasdaq Listing Qualifications Department indicating that the SPAC was not in compliance with a listing rule that requires the company to have at least 300 public holders for continued listing.
The SPAC has 45 calendar days to submit a plan to regain compliance. If Goldenbridge is unable to regain compliance by that date, the company intends to submit a plan that would bring it back into compliance.
The notice has no immediate effect on the SPAC's listing.
Goldenbridge Acquisition's merger partner SunCar last month deposited $174,561.30 (10 cents a share) into the SPAC's trust to extend the deal deadline until June 4.
SunCar, a provider of digitalized auto services and auto insurance through Shanghai-based SunCar Online Insurance Agency, entered into a definitive merger agreement with Goldenbridge last May. At that time, the deal valued the combined company at an estimated enterprise value on a pro-forma basis of approximately $858 million, assuming zero redemptions. Read more.
Source: Goldenbridge Acquisition Faces Nasdaq Delisting