The nyse has suspended trading in Parabellum Acquisition and begun the process of delisting the SPAC from the exchange.
The decision was based on Parabellum falling below the minimum $40 million capitalization threshold for a listing on the exchange, according to a press release.
The SPAC has the right to a review of the decision.
Parabellum in November announced a merger agreement with EnOcean GmbH, a Germany-based company engaged in energy harvesting Internet-of-Things (“IoT”) devices and sensor-to-cloud solutions. In December, Parabellum shareholders approved a merger deadline extension from March 30 to Sept. 30.
The business combination values EnOcean at an equity value of $120 million.
At deal announcement, the combined company was expected to receive approximately $146.5 million that Parabellum held in trust at the time, although redemptions in connection with the deadline extension pulled the SPAC's market cap below the NYSE listing standard. The EnOcean deal is supported by up to $40 million in additional financing that Parabellum said would be raised prior to closing. Read more.
Source: NYSE Suspends Trading Immediately in Parabellum Acquisition, Begins Delisting