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
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.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.
Embrace Change Acquisition Corp.（“公司”）（納斯達克：EMCG）是一家特殊目的收購公司，今天宣佈，它在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（Listing Qualifications Department）發出的員工除牌決定（“員工決定”），告知公司不符合納斯達克的持續上市要求，除非上訴並決定被扭轉，否則公司的證券將從納斯達克除牌。
The Staff Determination was issued due to the Company's failure to comply with the following Nasdaq's continued listing requirements:
員工決定是由於公司未遵守以下納斯達克的持續上市要求而發出的：
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. 要求最少有400名股東的上市規則5450(a)(2)；
2. 由於公司未能及時提交截至2023年12月31日的年度報告和截至2024年3月31日的季度報告，根據上市規則5250(c)(1)；
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.
根據員工決定，除非公司要求對員工決定進行上訴，否則將在2024年7月3日營業開市時暫停公司證券的交易，並向證券交易委員會提交25-NSE表單，該表單將在納斯達克上撤銷公司證券的上市和註冊。
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.
公司打算及時向納斯達克聽證會議（“委員會”）提交上訴員工決定的要求。該請求將暫停公司證券的暫停，並延遲提交25-NSE表單，至少等待委員會的決定。該公司計劃提出恢復符合適用上市要求的計劃，並要求在返回符合上市要求之前繼續保留上市地位。
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."
該公司的首席執行官王敬宇表示：“我們致力於解決納斯達克提出的問題並保持我們的上市地位。我們正在積極努力增加我們的股東人數並加快完成我們過期的財務報告。我們相信，上訴這項決定並向委員會呈現我們的符合性計劃符合我們公司和股東的最佳利益。”
