Moringa Acquisition in an 8-K said it received notice from the nasdaq Listing Qualifications Department that it is not in compliance with a listing rule that requires the SPAC to have at least a $35 million market value of listed securities.
Moringa has until Dec. 12 to regain compliance. The SPAC said it will consider its available options. The Nasdaq in March threatened delisting the SPAC after the number of its shahreolders fell below the 300 minimum.
Moringa has a deal pending with Israel-based travel booking platform Holisto.
At announcement in June, Holisto's expected implied pro forma equity value was approximately $405 million, based on a $10 share price. A bonus pool of up to an additional 1.725 million Holisto shares would also be distributed to non-redeeming Moringa shareholders on a pro rata basis.
Moringa and Holisto also have a securities purchase agreement with a non-affiliated investor in which the investor would purchase a $30 million senior secured convertible note from Holisto, which would be convertible into ordinary shares at the lesser of $11 per share or 90% of the market price at the time of conversion, and a warrant to purchase 1,363,636 Holisto ordinary shares at an exercise price of $11.50 each. Read more.