AlphaTime Acquisition Corp, a special purpose acquisition company with a market capitalization of $78 million and current stock price of $11.50, has received a notice from Nasdaq indicating non-compliance with the exchange's listing rules due to an insufficient number of public shareholders. The company now faces the risk of delisting from The Nasdaq Global Market.
On Monday, AlphaTime was notified by Nasdaq's Listing Qualifications Department that it does not meet the Minimum Public Holders Rule, which requires at least 400 total holders for continued listing. The company's securities remain listed at present, but an indicator showing the non-compliance status will be visible on Nasdaq's listing center and may be displayed by third-party market data providers.
The company has until January 13, 2025, to submit a plan to regain compliance. If unable to meet the requirement by then, AlphaTime intends to request an extension of up to 180 days from the notice date to demonstrate compliance. Should Nasdaq reject the plan, the company may appeal the decision to a Nasdaq Hearings Panel.
AlphaTime is considering monitoring its shareholder count and exploring options to address the deficiency. Additionally, the company plans to apply for a transfer of its securities listing to The Nasdaq Capital Market, contingent on meeting that market's continued listing standards.
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