GREENWICH, Conn., Dec. 1, 2023
/PRNewswire/ -- Aetherium Acquisition Corp ("Company") (Nasdaq:
"GMFI") announced that on November 27,
2023, the Company received a Staff Determination Letter (the
"Letter") from the Staff (the "Staff") of The Nasdaq Stock Market
LLC ("Nasdaq") stating that on May 10,
2023, the Staff notified the Company that the market value
of its listed securities had been below the minimum $50,000,000 required for continued listing as set
forth in Listing Rule 5450(b)(2)(A) (the "Rule") for the previous
30 consecutive trading days.
Subsequently, in accordance with Listing Rule 5810(c)(3)(C), the
Company was provided 180 calendar days, or until November 6, 2023, to regain compliance with the
Rule. To date, the Company has not yet regained compliance with the
Rule. As a result, the Company was informed that its securities
will be delisted from The Nasdaq Global Market on December 6th, 2023, unless the Company requests
an appeal, which it intends to do.
Should the Company not appeal, a Form 25-NSE will be filed with
the Securities and Exchange Commission (the "SEC"), which will
remove the Company's securities from listing and registration on
The Nasdaq Stock Market.
As stated by the Company in a press release dated October 2, 2023, on May
23, and August 23, 2023,
Nasdaq notified the Company that it did not comply with Listing
Rule 5250(c) due to its failure to timely file its Forms 10-Q for
the periods ended March 31, 2023, and
June 30, 2023, respectively. Further,
the Company does not comply with Listing Rule 5250(c) because it
did not file its Form 10-Q for the period ended September 30, 2023.
Furthermore, Nasdaq Staff has determined that the Company does not
comply with the minimum 400 total holders as required by Listing
Rule 5450(a)(2). Pursuant to Listing Rule 5810(d)(2), these
deficiencies serve as an additional and separate basis for
delisting, and as such, the Company would be required to
address this concern before a Hearings Panel if it appeals Nasdaq
Staff's determination.
The Company has made arrangements to appeal the Staff's
determination to a Hearings Panel, pursuant to the procedures set
forth in the Nasdaq Listing Rule 5800 Series. Hearings are
typically scheduled to occur approximately 30-45 days after the
date of the hearing request. A request for a hearing regarding a
delinquent filing will stay the suspension of the Company's
securities only for a period of 15 days from the date of the
request. The Company has also made arrangements to request a stay
of the suspension pending the hearing. A Panel will review the
request for an extended stay and notify the Company of its
conclusion as soon as is practicable, but in any event, no later
than 15 calendar days following the deadline to request the
hearing.
The Company has undertaken several key initiatives as part of
its strategy to regain and ensure future compliance with Nasdaq
regulations. The Company has been transitioning its accounting
services from its previous accounting firm to another firm better
suited for preparing the Company's financial statements and
filings, which are managed by Malone Bailey, the Company's auditor.
This transition aims to ensure timely submissions, both for past
and future filings. Moreover, the Company is making arrangements
with third parties, including its underwriter, EF Hutton, to expand
the shareholder count to 300. This strategic move aligns with the
Company's objective to migrate to Nasdaq Capital Markets,
facilitating compliance with the minimum shareholder requirement of
300 shareholders and meeting the $35
million standard for minimum market value of listed
securities.
About GMFI
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. The Company is led by Jonathan
Chan, the Company's Chairman of the Board and Chief
Executive Officer, and Alex Lee, the
Company's Chief Financial Officer.
Forward-Looking Statements
Certain matters discussed in this Press Release constitute
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve many risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements. These forward-looking statements speak only as
of the date hereof, and the Company expressly disclaims any
obligation or undertaking to disseminate any updates or revisions
to any forward-looking statement contained herein to reflect any
change in its expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. Please refer to the publicly filed documents of the Company,
including its most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, for risks and uncertainties related to the
Company's business which may affect the statements made in this
Press Release.
For more information contact:
Aetherium Acquisition Corp
info@aetheriumcapital.com
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SOURCE Aetherium Acquisition Corp