INFINT Acquisition announced it was notified by the nyse for falling out of compliance with a listing rule requiring at least 300 public stockholders on a continuous basis to remain on the exchange. The SPAC has 45 days to submit a business plan for regaining compliance within 18 months.
INFINT said it intends to submit a business plan for coming back into complaince with the rule. There is no immediate impact on the listing of the SPAC's securities.
INFINT shareholders last August approved a six-month deadline extension to Feb. 23, providing more time for the SPAC to finalize its deal with global fintech platform Seamless Group.
Redemptions removed about 23% of the cash in trust, leaving $81.8 million.
Seamless is a global fintech banking platform that operates in more than 150 countries.
The deal was announced almost a year and a half ago at a $400 million enterprise value. Read more.
Source: INFINT Acquisition Receives NYSE Noncompliance Notice