Nova Vision Acquisition Corp. (NOVV), a special purpose acquisition company (SPAC), is on the brink of being delisted from the Nasdaq Capital Market. The company received a notice on Thursday, August 8, 2024, due to its failure to complete a business combination within the required 36-month period following its initial public offering (IPO).
The Nasdaq Listing Qualifications Department has set a suspension and delisting date for Nova Vision's securities, including units, ordinary shares, warrants, and rights, for Monday, August 19, 2024. The delisting notice is in line with Nasdaq's IM-5101-2 rule, which mandates SPACs to achieve a business combination within a specified timeframe.
Nova Vision, headquartered in Singapore, is actively seeking to address the situation and intends to request a hearing before the Nasdaq Hearings Panel. This request will automatically stay any suspension or delisting actions until the hearing takes place and a decision is rendered by the Panel.
The potential delisting presents a significant challenge for Nova Vision, which is categorized as an emerging growth company. The British Virgin Islands-incorporated entity has been trading on the Nasdaq Capital Market under the ticker symbols NOVVU for its units, NOVV for ordinary shares, NOVVW for warrants, and NOVVR for rights.
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