Aetherium Acquisition Corp. Receives Additional Staff Determination Letter from Nasdaq
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.
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.
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.
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Aetherium Acquisition Corp