Papaya Growth Opportunity I said it received a notice from the Listing Qualifications Department of the Nasdaq stating that the SPAC is not in compliance with a listing rule because it failed to file its 10-Q on time for the pweriod ended March 31. The SPAC said it is working to finalize the financial statements and to file the form as soon as practicable.

Under Nasdaq rules, the company has until Aug. 5 to file the report or submit a plan for doing so. If Nasdaq accepts the plan, then the SPAC would have until Nov. 18 to regain compliance.

In April, American Rare Earths rejected a $400 million acquisition offer for its subsidiary, Wyoming Rare (USA) from Papaya Growth. 

The SPAC originally raised $250 million in a January 2022 IPO to search for a target business operating in the software, internet, media, fintech, healthcare IT or consumer industry sectors. Papaya Growth currently has a market cap just under $91 million. Read more.

Source: Papaya Growth's Late 10-Q Draws Nasdaq Warning