StoneBridge Acquisition Corporation Receives Nasdaq Notification Regarding Minimum Market Value Deficiency
Stonebridge Acquisition Corporation (NASDAQ:APAC, APACU, APACW)
NEW YORK, NEW YORK, USA, June 26, 2023/EINPresswire.com/ — StoneBridge Acquisition Corporation (NASDAQ: APAC) (the “Firm”) introduced as we speak that it obtained a written notification (the “Discover”) from the Nasdaq Inventory Market LLC (“Nasdaq”) dated June 21, 2023, indicating that the Firm’s Market Value of Listed Securities (“MVLS”) for the final 30 consecutive enterprise days was beneath the required minimal of US$35 million for continued itemizing on the Nasdaq Capital Markets below Nasdaq Itemizing Rule 5550(b)(2).
The notification letter is simply a notification of deficiency and has no rapid impact on the itemizing or buying and selling of APAC’s Class A bizarre shares. The Firm will proceed to commerce on the Nasdaq Capital Market below the image “APAC”, topic to the Firm’s compliance with the opposite itemizing necessities.
The letter additionally indicated that the Firm can be supplied with a compliance interval of 180 calendar days, or till December 18, 2023, during which to regain compliance pursuant to Nasdaq Itemizing Rule 5810(c)(3)(C). If at any time earlier than December 18, 2023, the Firm’s MVLS closes at or above US$35 million for at least ten consecutive enterprise days, Nasdaq will present written notification that the Firm has achieved compliance below the MVLS requirement, and the matter can be closed. Within the occasion the Firm doesn’t regain compliance by December 18, 2023, the Firm might face delisting.
The Firm’s enterprise operations usually are not affected by the receipt of the notification letter and the Firm totally intends to regain compliance with Nasdaq itemizing guidelines. The Firm will actively monitor its MVLS and is evaluating all accessible choices to regain compliance with Nasdaq’s continued itemizing standards.
About StoneBridge Acquisition Corporation
StoneBridge Acquisition Corporation is a clean test firm integrated as Cayman Islands exempted for the aim of effecting a merger, share alternate, asset acquisition, share buy, reorganization or related enterprise mixture with a number of companies. Stonebridge targeted its search on a goal with operations or potential operations within the shopper know-how, communications, software program, SaaS, fintech or media sectors. The geographic focus for the SPAC was the Asia Pacific area. Stonebridge helps visionary entrepreneurs navigate the US capital markets to create enterprise worth for themselves and for his or her traders. To be taught extra, go to http://stonebridgespac.com/.
Secure Harbor Assertion
This press launch accommodates forward-looking statements. These statements are made below the “secure harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995 and pertain to the Firm’s potential to regain and preserve compliance with Nasdaq Itemizing Rule 5550(b). Ahead-looking statements are statements that aren’t historic details and usually relate to future occasions or the Firm’s future monetary or different efficiency metrics. In some instances, you’ll be able to establish forward-looking statements by terminology resembling “imagine,” “might,” “will,” “doubtlessly,” “estimate,” “proceed,” “anticipate,” “intend,” “may,” “would,” “venture,” “goal,” “plan,” “anticipate,” or the negatives of those phrases or variations of them or related terminology.
In mild of the numerous uncertainties in these forward-looking statements, you shouldn’t regard these statements as a illustration or guarantee by the Firm or its administrators, officers or staff or some other person who the Firm will obtain its targets and plans in any specified time-frame, or in any respect. The forward-looking statements on this press launch symbolize the views of the Firm as of the date of this press launch. Subsequent occasions and developments might trigger that view to alter. Nevertheless, whereas the Firm might elect to replace these forward-looking statements sooner or later sooner or later, there isn’t any present intention to take action, besides to the extent required by relevant legislation. It is best to, subsequently, not depend on these forward-looking statements as representing the views of the Firm as of any date subsequent to the date of this press launch.
For investor and media inquiries, please contact:
Prabhu Antony
646-314-3555
p.antony@stonebridgespac.com
Prabhu Antony
Sett & Lucas
+1 646-314-3555
e-mail us right here
