Not Good
$TenX Keane Acquisition (TENK.US)$ Prior to the consummation by a listed Acquisition Company (an "AC") of its Business
Combination (as defined in Section 102.06), the Exchange will promptly initiate
suspension and delisting procedures:
(i) if the AC's average aggregate global market capitalization is below $50,000,000 or the
average aggregate global market capitalization attributable to its publicly-held shares is
below $40,000,000, in each case over 30 consecutive trading days. An AC will not be
eligible to follow the procedures outlined in Sections 802.02 and 802.03 with respect to
this criterion, and any such AC will be subject to delisting procedures as set forth in
Section 804. The Exchange will notify the AC if its average aggregate global market
capitalization falls below $75,000,000 or the average aggregate global market
capitalization attributable to its publicly-held shares falls below $60,000,000 and will
advise the AC of the delisting standard.
Combination (as defined in Section 102.06), the Exchange will promptly initiate
suspension and delisting procedures:
(i) if the AC's average aggregate global market capitalization is below $50,000,000 or the
average aggregate global market capitalization attributable to its publicly-held shares is
below $40,000,000, in each case over 30 consecutive trading days. An AC will not be
eligible to follow the procedures outlined in Sections 802.02 and 802.03 with respect to
this criterion, and any such AC will be subject to delisting procedures as set forth in
Section 804. The Exchange will notify the AC if its average aggregate global market
capitalization falls below $75,000,000 or the average aggregate global market
capitalization attributable to its publicly-held shares falls below $60,000,000 and will
advise the AC of the delisting standard.
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STD0313 : What are you playing at now McSnacks
Mcsnacks H Tupack OP STD0313 : Nothing, Just posted a rule that acquisition companies must follow. TENK had investors request a $50 million dollar payout at 10.88 per share at the last vote. This probably put the trust account below the rule stated. So now they would need to find a PIPE investor to complete the merger.
STD0313 Mcsnacks H Tupack OP : very interesting. good rule to know. Thanks.