NEW
YORK, May 27, 2024 /PRNewswire/ -- Aquaron
Acquisition Corp. (NASDAQ: AQU, the "Company"), a special
purpose acquisition company, announced today that on May 22, the Company received a written notice
(the "Notice") from the Listing Qualifications staff (the "Staff")
of The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company
that it currently does not satisfy Listing Rule 5250(c)(1), as a
result of not having timely filed with the U.S. Securities and
Exchange Commission (the "Commission") its Form 10-Q for the period
ended March 31, 2024 (the "Form
10-Q").
The Notice is a notification of deficiency, not of imminent
delisting, and has no immediate effect on the listing or trading of
the Company's securities on the Nasdaq Capital Market.
The Company has 60 calendar days from the date of the Notice, or
until July 22, 2024, to submit to
Nasdaq a plan to regain compliance with the Nasdaq Listing
Rule 5250(c)(1). If the Company submits a plan to Nasdaq and Nasdaq
accepts the plan, Nasdaq can grant an exception of up to 180
calendar days from the due date of the filing of the Form 10-Q, or
until November 18, 2024, to regain compliance. If the Company
does not regain compliance within the allotted compliance periods,
including any extensions that may be granted by Nasdaq, Nasdaq will
provide notice that the Company's common stock will be subject to
delisting. The Company would then be entitled to appeal that
determination to a Nasdaq hearings panel.
The Company's objective is to regain compliance with the listing
requirement, and the Company currently intends to file the Form
10-Q with the Commission as soon as it completes the preparation
and review of its financial statements for the period ended
March 31, 2024.
About Aquaron Acquisition Corp.
Aquaron Acquisition Corp. is a Delaware corporation incorporated as a blank
check company for the purpose of entering into a merger, share
exchange, asset acquisition, share purchase, recapitalization,
reorganization or similar business combination with one or more
businesses or entities. The Company's efforts to identify a
prospective target business will not be limited to a particular
industry or geographic region, although it intends to focus on
operating businesses in the new energy sector. The Company
affirmatively excludes as an initial business combination target
any company of which financial statements are audited by an
accounting firm that the United States Public Company Accounting
Oversight Board is unable to inspect for two consecutive years
beginning in 2021 and any target company with China operations consolidated through a VIE
structure.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
The Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
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SOURCE Aquaron Acquisition Corp.