Embrace Change Acquisition Corp. Receives Delisting Notice from Nasdaq and Plans to Request Hearing
26 Juni 2024 - 4:30AM
Embrace Change Acquisition Corp. (the "Company") (NASDAQ: EMCG), a
special purpose acquisition company, today announced that on June
24, 2024, it received a Staff Delisting Determination (the "Staff
Determination") from the Listing Qualifications Department of The
Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company of its
noncompliance with Nasdaq's continued listing requirements and that
unless appealed and their determination reversed, the Company’s
securities will be delisted from Nasdaq.
The Staff Determination was issued due to the
Company's failure to comply with the following Nasdaq’s continued
listing requirements:
1. Listing Rule 5450(a)(2), which requires a
minimum of 400 total shareholders;2. Listing Rule 5250(c)(1), due
to the Company's failure to timely file its Annual Report on Form
10-K for the fiscal year ended December 31, 2023, and its Quarterly
Report on Form 10-Q for the period ended March 31, 2024.
According to the Staff Determination, unless the
Company requests an appeal of the Staff Determination, trading of
the Company's securities will be suspended at the opening of
business on July 3, 2024, and a Form 25-NSE will be filed with the
Securities and Exchange Commission, which will remove the Company's
securities from listing and registration on Nasdaq.
The Company intends to timely request a hearing
before a Nasdaq Hearings Panel (the "Panel") to appeal the Staff
Determination. This request will stay the suspension of the
Company's securities and the filing of the Form 25-NSE at least
pending the Panel's decision. The Company plans to present its plan
to regain compliance with the applicable listing requirements and
to request continued listing pending its return to compliance.
Jingyu Wang, Chief Executive Officer of the
Company, stated, "We are committed to addressing the issues raised
by Nasdaq and maintaining our listing. We are actively working to
increase our total shareholder count and expedite the completion of
our overdue financial reports. We believe that appealing this
determination and presenting our compliance plan to the Panel is in
the best interests of our company and our shareholders."
About Embrace Change Acquisition
Corp.
The Company is a blank check company, also
commonly referred to as a special purpose acquisition company, or
SPAC, formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
other similar business combination with one or more businesses. The
Company’s efforts to identify a prospective target business will
not be limited to a particular business, industry, sector or
geographical region.
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements reflect our current views with
respect to future events and financial performance. These
forward-looking statements are subject to certain risks and
uncertainties, including those identified below, which could cause
actual results to differ materially from those anticipated in the
forward-looking statements.
Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. We undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise, except as required by
law. In light of these risks, uncertainties, and assumptions, the
forward-looking events discussed in this press release might not
occur.
Investor Contact:contact@embracechange.top
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