Zalatoris II Acquisition said it was notifed by the Nasdaq for being out of compliance with a rule that requires the S{PAC to maintain at least 300 shareholders for a continued listing on the exchange.
Zalatoris II has until No. 13 to submit a plan for regaining compliance. If Nasdaq accepts the plan, the company will have up to 180 calendar days from the date of the notice to regain compliance. If Nasdaq does not accept the plan, the SPAC may appeal.
Zalatoris II said it intends to regain compliance prior to Nov. 13.
The SPAC last month inked a meger agreement with AnyTech365 at a $220 million enterprise value.
Founded in 2014 and based in Marbella, Spain, the target develops AI powered IT security systems.
If approved, the deal is expected to be completed in the first quarter of 2024.
AnyTech365 stockholders expect to receive approximately $138.37 million in shares at closing, and approximately $7.28 million will be placed in escrow. The escrow shares will be released to either the purchaser or stockholders of the target based on the nature of the adjustment to the target consideration, according to an 8-K filed on the deal. Read more.