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.
特殊目的收購公司Embrace Change Acquisition Corp.（“公司”）（納斯達克股票代碼：EMCG）今天宣佈，它於2024年6月24日收到了納斯達克股票市場有限責任公司（“納斯達克”）上市資格部門發佈的員工退市裁決（“員工裁決”），通知該公司未遵守納斯達克的持續上市要求，除非上訴並撤銷裁決，否則該公司的證券將被退市來自納斯達克。
The Staff Determination was issued due to the Company's failure to comply with the following Nasdaq's continued listing requirements:
員工裁決書之所以發佈，是因爲公司未能遵守納斯達克的以下持續上市要求：
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。《上市規則》第5450 (a) (2) 條，其中要求至少有400名股東；
2。《上市規則》第5250（c）（1）條，原因是該公司未能及時提交截至2023年12月31日的財政年度的10-K表年度報告以及截至2024年3月31日的10-Q表季度報告。
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.
根據員工裁決，除非公司要求對員工裁決提出上訴，否則公司證券將在2024年7月3日開業時暫停交易，並將向美國證券交易委員會提交25-NSE表格，該委員會將取消該公司的證券在納斯達克的上市和註冊。
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.
公司打算及時要求納斯達克聽證小組（“小組”）舉行聽證會，對工作人員的裁決提出上訴。該請求將至少在小組做出決定之前暫停公司證券和提交25-NSE表格。該公司計劃提出重新遵守適用的上市要求的計劃，並在恢復合規之前要求繼續上市。
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."
該公司首席執行官王靜宇表示：“我們致力於解決納斯達克提出的問題並維持我們的上市。我們正在積極努力增加我們的股東總數，並加快逾期財務報告的完成。我們認爲，對這一決定提出上訴並向小組提交我們的合規計劃符合我們公司和股東的最大利益。”