Pegasus Digital Mobility Acquisition in an 8-K said it was told by the NYSE that it currently does not comply with the 300 minimum shareholder listing requirement to remain on the exchange. The SPAc said it would submit a plan for regaining compliance within the 30-day period it has to do so.
Pegasus has a deal pending with Germany-based Gebr. SCHMID GmbH, a global solutions provider for the high-tech electronic, photovoltaics, glass, and energy systems industries. The deal was announced last May at a $640 million enterprise valuation.
The target is a global solutions provider for the high-tech electronic, photovoltaics, glass, and energy systems industries.
Pegasus now has an April 30 deadline to complete a deal, following a successful extension vote last month. Ahead of that vote, 503,201 shares were redeemed for about $5.55 million. That left 4,500,017 shares outstanding.