ExcelFin Acquisition Corp. faces Nasdaq delisting notice By Investing.com

ExcelFin Acquisition Corp., a special purpose acquisition company, received a notice from The Nasdaq Stock Market on September 11, 2024, indicating that it is not in compliance with Nasdaq’s minimum publicly held shares requirement. The rule mandates that the company maintain at least 1,100,000 publicly held shares for continued listing on the Nasdaq Global Market.

The notice from Nasdaq serves as a warning rather than an immediate delisting action, allowing the company’s securities to remain listed and traded on the Nasdaq Global Market without interruption for the time being.

ExcelFin has been given a 45-day period, ending on October 28, 2024, to submit a plan to Nasdaq outlining how it intends to regain compliance with the listing rule. If the plan is not accepted, the company has the right to appeal before a Nasdaq Hearings Panel.

The company has expressed its intention to submit a compliance plan within the allotted timeframe. If Nasdaq accepts the plan, ExcelFin could be granted an extension of up to 180 calendar days from the date of the notice to demonstrate compliance.

ExcelFin Acquisition Corp. has made significant adjustments to its existing promissory note with its sponsor, ExcelFin SPAC LLC. The company has extended the maturity date of the note to coincide with the new business combination deadline of December 25, 2024.

This amendment, which originated from a promissory note dating back to March 18, 2021, offers ExcelFin Acquisition Corp. more time to finalize an initial business combination.

The amended promissory note’s maturity date is now fixed to the earlier of December 25, 2024, or the date the company completes its initial business combination. The total principal amount of the note remains at up to $1,500,000.

These changes were endorsed by the company’s shareholders in a recent special meeting, with an overwhelming majority of 6,824,414 votes for the Extension Amendment Proposal and 6,053 against.

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