Reported Earlier, Embrace Change Faces Nasdaq Delisting Over Compliance Issues: Appeals Plan in Motion
Reported Earlier, Embrace Change Faces Nasdaq Delisting Over Compliance Issues: Appeals Plan in Motion
Embrace Change Acquisition Corp. (the "Company") (NASDAQ:EMCG), a special purpose acquisition company, today announced that on June 24, 2024, it received a Staff Delisting Determination (the "Staff Determination") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company of its noncompliance with Nasdaq's continued listing requirements and that unless appealed and their determination reversed, the Company's securities will be delisted from Nasdaq.
特殊目的收购公司Embrace Change Acquisition Corp.（“公司”）（纳斯达克股票代码：EMCG）今天宣布，它于2024年6月24日收到了纳斯达克股票市场有限责任公司（“纳斯达克”）上市资格部门发布的员工退市裁决（“员工裁决”），通知该公司未遵守纳斯达克的持续上市要求，除非上诉并撤销裁决，否则该公司的证券将被退市来自纳斯达克。
The Staff Determination was issued due to the Company's failure to comply with the following Nasdaq's continued listing requirements:
员工裁决书之所以发布，是因为公司未能遵守纳斯达克的以下持续上市要求：
1. Listing Rule 5450(a)(2), which requires a minimum of 400 total shareholders;
2. Listing Rule 5250(c)(1), due to the Company's failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and its Quarterly Report on Form 10-Q for the period ended March 31, 2024.
1。《上市规则》第5450 (a) (2) 条，其中要求至少有400名股东；
2。《上市规则》第5250（c）（1）条，原因是该公司未能及时提交截至2023年12月31日的财政年度的10-K表年度报告以及截至2024年3月31日的10-Q表季度报告。
According to the Staff Determination, unless the Company requests an appeal of the Staff Determination, trading of the Company's securities will be suspended at the opening of business on July 3, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on Nasdaq.
根据员工裁决，除非公司要求对员工裁决提出上诉，否则公司证券将在2024年7月3日开业时暂停交易，并将向美国证券交易委员会提交25-NSE表格，该委员会将取消该公司的证券在纳斯达克的上市和注册。
The Company intends to timely request a hearing before a Nasdaq Hearings Panel (the "Panel") to appeal the Staff Determination. This request will stay the suspension of the Company's securities and the filing of the Form 25-NSE at least pending the Panel's decision. The Company plans to present its plan to regain compliance with the applicable listing requirements and to request continued listing pending its return to compliance.
公司打算及时要求纳斯达克听证小组（“小组”）举行听证会，对工作人员的裁决提出上诉。该请求将至少在小组做出决定之前暂停公司证券和提交25-NSE表格。该公司计划提出重新遵守适用的上市要求的计划，并在恢复合规之前要求继续上市。
Jingyu Wang, Chief Executive Officer of the Company, stated, "We are committed to addressing the issues raised by Nasdaq and maintaining our listing. We are actively working to increase our total shareholder count and expedite the completion of our overdue financial reports. We believe that appealing this determination and presenting our compliance plan to the Panel is in the best interests of our company and our shareholders."
该公司首席执行官王静宇表示：“我们致力于解决纳斯达克提出的问题并维持我们的上市。我们正在积极努力增加我们的股东总数，并加快逾期财务报告的完成。我们认为，对这一决定提出上诉并向小组提交我们的合规计划符合我们公司和股东的最大利益。”