Greencity Acquisition today announced that it was notified of the nasdaq's decision to deny the SPAC's request for continued listing on The Nasdaq Capital Market. The decision was based on the SPAC's failure to sustain a minimum $35 million market cap — a requirement for a Nasdaq listing.
Greencity will be delisted and trading suspended on June 1 unless it appeals by May 30. The SPAC raised $40 million in an IPO nearly three years ago.
Now on its 10th deadline extension, Greencity last month signed a non-binding letter of intent with Bopai Construction Technology (Shanghai) Co., Ltd. headquartered in China.
The SPAC has said it plans to enter into a definitive merger agreement with Bopai upon completion of due diligence and Bopai's delivery of its audited financial statements.
Bopai owns 43 patents. The company said it has the most complete 3d printing technology in the industry, including 3D concrete printing and 3D rammed earth printing, and provides supporting solutions for housing construction, including structural columns, ring beams, floor slabs, cloth reinforcement, water and electricity and others. Read more.