Metals Acquisition Corp. Receives Noncompliance Notification from the New York Stock Exchange Due to Failure to Maintain a Minimum of 300 Public Stockholders on a Continuous Basis
08 Dezember 2021 - 10:30PM
Business Wire
Metals Acquisition Corp. (NYSE: MTAL.U) (the “Company”)
announced it had received a notification dated December 2, 2021
from the New York Stock Exchange (the “NYSE”) informing the Company
that, because the number of public stockholders is less than 300,
the Company is not in compliance with Section 802.01B of the NYSE
Listed Company Manual (the “Listing Rule”). The Listing Rule
requires the Company to maintain a minimum of 300 public
stockholders on a continuous basis. The NYSE notification letter
specifies that the Company has 45 days (the “Compliance Plan Due
Date”) to submit a plan that demonstrates how the Company expects
to return to compliance with the Listing Rule within 18 months of
receipt of the notice. The business plan will be reviewed by the
Listings Operations Committee (the “Committee”) of the NYSE. The
Committee will either accept the plan, at which time the Company
will be subject to quarterly monitoring for compliance with this
business plan, or the Committee will not accept the business plan
and the Company will be subject to suspension and delisting
procedures.
The Company is working diligently to provide evidence of its
meeting the minimum 300 public stockholders within 18 months.
About the Company
The Company was formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. Although the Company’s efforts to identify a
prospective business combination opportunity will not be limited to
a particular industry, it intends to focus on businesses in the
metals and mining sector, including both upstream and downstream
businesses, but excluding coal.
Forward-Looking Statements
This press release may include “forward-looking statements,”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including with respect to the anticipated separate trading
of the Company’s Class A ordinary shares and redeemable warrants
and the pursuit of an initial business combination. All statements
other than statements of historical fact included in this press
release are forward-looking statements. When used in this press
release, words such as “anticipate,” “believe,” “estimate,”
“expect,” “intend” and similar expressions, as they relate to us or
our management team, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of management,
as well as assumptions made by, and information currently available
to, the Company’s management. Actual results could differ
materially from those contemplated by the forward-looking
statements as a result of certain factors detailed in the Company’s
filings with the SEC. All subsequent written or oral
forward-looking statements attributable to us or persons acting on
our behalf are qualified in their entirety by this paragraph.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s registration
statement and prospectus relating to the Company’s initial public
offering filed with the SEC. The Company undertakes no obligation
to update these statements for revisions or changes after the date
of this release, except as required by law.
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Metals Acquisition Corp. Mick McMullen Chief Executive
Officer +1 (817) 698-9901 investors@metalsacqcorp.com
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