Liberty Resources Acquisition in an 8-K said it received a notice from the nasdaq that its market value was less than $15 million, meaning the SPAC is no longer in compliance with the Nasdaq Global Market requirement to maintain a market value of public shares of at least $15 million. The SPAC has180 calendar days to regain compliance.
Malaysia-based Liberty entered into a business combination with Caspi Oil Gas in December at a proforma enterprise value of $427.7 million. Through a restructuring, the combined company would become the resultant amalgamated parent company.
Liberty Resources has secured multiple deadline extensions to get the deal across the finish line and now has a February 2024 completion date.
The SPAC raised $100 million in a December 2021 ipo.