Yotta Acquisition said it was notoified by the nasdaq of a listing deficiency by falling below the $50 million minimum market value requirement.
The SPAC has until July 8 to regain compliance. If at any time during this 180-day period the market value of Yotta securities is at least $50 million for a minimum of 10 consecutive business days, Nasdaq will provide the company with confirmation of compliance. Alternatively, Yotta may consider applying for a transfer to the Nasdaq Capital Market by submitting a transfer application, pay a $5,000 fee and meet the Capital Market's listing requirements.
Yotta in a regulatory filing said it intends to monitor the market value of its securities and consider available options to regain compliance.
Yotta's former merger partner NaturalShrimp terminated a deal with the SPAC in July last year.
The SPAC originally raised $115 million in an April 2022 ipo to to target high technology, blockchain, software and hardware, ecommerce, social media and other general business industries globally. Read more.