NEW
YORK, Aug. 30, 2024 /PRNewswire/ -- Aquaron
Acquisition Corp. (NASDAQ: AQU, the "Company"), a special
purpose acquisition company, announced today that it received a
written notice (the "Letter") from the Listing
Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq") indicating that, because the Company has not
regained compliance with Listing Rule 5550(a)(3) (the "Minimum
Public Holders Rule"), which requires the Company to have at
least 300 public holders for continued listing on Nasdaq, trading
of the Company's common stock will be suspended at the opening of
business on September 4, 2024 and a
Form 25-NSE will be filed with the Securities and Exchange
Commission (the "SEC"), which will remove the Company's
securities (including the units, common stock, and rights) from
listing and registration on Nasdaq, unless the Company requests a
hearing to appeal this determination by 4:00
p.m. Eastern Time on September 4,
2024.
The Letter also indicates that the Company is delinquent in
filing its quarterly report on Form 10-Q for the quarterly period
ended June 30, 2024, which serves as
an additional basis for delisting the Company's securities from The
Nasdaq Capital Market in light of the Company's non-compliance with
Minimum Public Holders Rule.
As previously reported by the Company on a Current Report on
Form 8-K filed with the SEC on March 1,
2024, Nasdaq initially notified the Company on February 28, 2024 that it was not in compliance
with the Minimum Public Holders Rule. On April 15, 2024, the Company submitted a plan to
regain compliance and, on May 7,
2024, the Company received a written notice from Nasdaq
notifying the Company that Nasdaq had determined to grant the
Company an extension until August 26,
2024 to regain compliance with the Minimum Public Holders
Rule.
A company that receives a delist determination
for such a delinquency can request an appeal to
the Nasdaq Hearings Panel (the "Panel"),
which will stay the suspension of the Company's securities for a
period of 15 days from the date of the request. The Letter points
out that the Company may request to stay the suspension of the
Company's securities pending a decision from the Panel at the
scheduled hearing.
The Company intends to timely request an appeal and a stay of
the suspension in accordance with the Letter. The request will stay
the suspension of trading on the Company's securities, and the
Company's securities will continue to trade on
The Nasdaq Capital Market until the hearing
process concludes and the Panel issues a written decision.
The time and place of any hearing before the Panel will be
determined by the Panel. There can be no assurance that the Panel
will grant the Company's request for continued listing. There can
be no assurance that the Panel will grant the Company's request to
stay the suspension of the Company's securities or that the
Company's securities will continue to be listed on
The Nasdaq Capital Market.
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
Certain statements in this press release may be considered
forward-looking statements. Forward-looking statements generally
relate to future events or the future financial or operating
performance of the Company. In some cases, you can identify
forward-looking statements by terminology such as "may," "should,"
"expect," "intend," "will," "estimate," "anticipate," "believe,"
"predict," "potential" or "continue," or the negatives of these
terms or variations of them or similar terminology. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
Such statements may include, but are not limited to, statements
regarding the Company's expectations regarding a hearing before the
Panel and a stay of the suspension of trading on the Company's
securities. These forward-looking statements are based upon
estimates and assumptions that, while considered reasonable by the
Company, are inherently uncertain.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved.
Readers should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Except
as may be required by law, the Company does not undertake any duty
to update these forward-looking statements.
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SOURCE Aquaron Acquisition Corp.