Trajectory Alpha Acquisition announced that it was notified by the NYSE for non-compliance of a continued listing standard that requires a minimum of 300 public stockholders on a continuous basis. The notification has no immediate impact on the company's business operations.
Under the NYSE's rules, the SPAC has 45 days to present a business plan that demonstrates how it intends to cure the deficiency within 18 months of the date of the notice. The Company said it will respond to the NYSE to confirm its intent to resolve the matter.
Although the SPAC said it expects that upon completion of its initial business combination it will have at least 300 public stockholders, Trajectory Alpa has not announced any deal.
The SPAC raised $150 million in a December 2021 ipo to target disruptive, technology-driven businesses that leverage unique intellectual property and proprietary data. Read more.
Source: NYSE Puts Trajectory Alpha On Notice for Non-Compliance