Mountain & Co. I Acquisition Corp., a special purpose acquisition company, will be delisted from the Nasdaq Stock Market LLC following a decision by a Nasdaq Hearings Panel. The company was notified on Monday that trading in its securities will be suspended starting Wednesday, November 7, 2024.
The delisting notice, which the company received on November 5, 2024, is a significant regulatory setback for Mountain & Co. I Acquisition Corp. The company’s securities, including its Class A ordinary shares, redeemable warrants, and units, previously traded under the ticker symbols MCAA, MCAAW, and MCAAU, respectively, on the Nasdaq exchange.
Following the suspension, the company's securities are expected to be quoted and traded on the over-the-counter (OTC) pink sheets market. The move to the OTC market is a transition from a more prestigious national exchange to a less regulated trading venue, which may affect the visibility and liquidity of the company’s securities.
The delisting comes as a result of the company's failure to satisfy a continued listing rule or standard, as indicated by the Nasdaq. However, specific details regarding the criteria or standards not met by Mountain & Co. I Acquisition Corp. were not disclosed in the press release.
Mountain & Co. I Acquisition Corp., incorporated in the Cayman Islands and with principal executive offices in Wilmington, Delaware, is classified under the "blank checks" industry sector, which typically involves companies created for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
In other recent news, Mountain & Co. I Acquisition Corp. has been facing a series of significant changes. The company announced the appointment of three new independent directors to its board, a strategic move to expand its governance and expertise. Simultaneously, the company is grappling with potential delisting from Nasdaq due to non-compliance with listing rules, a situation triggered by the resignation of board members and failure to file its Form 10-Q for specified periods on time.
As part of these developments, Mountain & Co. also disclosed the immediate resignations of CFO Alexander Hornung and CSO Thomas Middelhoff. Further, the company mutually agreed to terminate its business combination agreement with Futbol Club Barcelona. In light of these changes, Mountain & Co. plans to explore other near-term business opportunities and seek alternative business combinations.
These are recent developments at Mountain & Co. I Acquisition Corp. The company intends to appeal to a Nasdaq Hearings Panel and present a plan to regain compliance, while its securities continue to trade on Nasdaq during the appeal process. However, it's important to note that there is no guarantee the panel will accept the company's plan or that compliance will be achieved.
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