Relativity Acquisition announced that it was notifed by nasdaq of non-compliance with multiple listing rules and now faces removal from trhe exchange. The Nasdaq halted trading in the SPAC last week.
Relativity said the issues include failure to maintain a minimum of $50 million market value of listed securities, as well as falling below 1.1 million shares, and dropping below the $15 million minimum in market value of publicly held shares. In addition, the notice stated that Relativity does not comply with either of the alternative requirements for continued listing or the requirement for a listing on The Nasdaq Capital Market.
The notice also indicated that Nasdaq staff have concerns that the SPAC may no longer comply with the minimum 400 total holders requirement due to the substantial number of shareholder redemptions and low number of shares remaining outstanding.
The SPAC has requested a hearing to appeal the Nasdaq staff's delisting determination.
The cannabis-focused SPAC raised $143.75M in a February 2022 IPO. Read more.