Brilliant Acquisition in an 8-K said it received a notice from the Nasdaq that it faces delisting from the exchange on July 7 unless it requests a hearing to dispute the decision. The SPAC has not met the Nasdaq’s requirement that blank-check companies must complete a business combination within 36 months of the effectiveness of an IPO registration statement.
Brilliant has a deal pending with Nukkleus, a crypto exchange company. The merger deadline on this deal has been extended eight times and is currently set to expire on July 23. The $144 million deal was announced in February 2022.
New Jersey-based Nukkleus offers software to process exchanges of crypto and foreign currencies as well as contracts for differences.
Brilliant in the 8-K said it will ask for a hearing with the Nasdaq to request additional time to complete a deal. Read more.
Source: Nasdaq Warns Brilliant Acquisition of Looming Delisting