06/04/2021 | Press release | Distributed by Public on 06/04/2021 14:11
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed in the Form 12b-25 filed on May 17, 2021 by Malacca Straits Acquisition Company Limited (the 'Company'), on April 12, 2021, the staff (the 'Staff') of the Division of Corporation Finance of the Securities and Exchange Commission (the 'SEC') issued a statement entitled 'Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies' (the 'Staff Statement'). The Staff Statement, among other things, highlighted the potential accounting implications of certain terms that are common in warrants issued in connection with the initial public offerings of special purpose acquisition companies such as the Company. As a result of the Staff Statement, the Company required additional time to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the 'Form 10-Q').
On May 28, 2021, the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market ('Nasdaq') (the 'Notice') stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the 'Rule') because it has not timely filed the Form 10-Q with the SEC. The Rule requires listed companies to timely file all required periodic financial reports with the SEC. The Notice has no immediate effect on the listing or trading of the Company's securities. However, if the Company fails to timely regain compliance with the Rule, the Company's securities will be subject to delisting from Nasdaq. Under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice (which is May 28, 2021), or until July 27, 2021, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-Q (which is May 24, 2021), or until November 22, 2021, to regain compliance.
On June 2, 2021, the Company filed its Form 10-Q. On June 3, 2021, the Company received a letter from Nasdaq informing that Nasdaq determined that the Company complies with the Rule.