Ault Disruptive Technologies Corporation, a special purpose acquisition company (SPAC), announced on Tuesday that the NYSE American has accepted its business plan to regain compliance with the exchange's continued listing standards. The decision follows the company's previous non-compliance notification received from the exchange on July 21, 2023.
The NYSE American had found Ault Disruptive Technologies in violation of Sections 1003(b)(i)(A) and (B) of the NYSE American Company Guide. These sections require a company to maintain a minimum of 200,000 publicly held shares and at least 300 public stockholders continuously. In response, Ault Disruptive Technologies submitted a plan of compliance on August 18, 2023, outlining its strategy to meet these requirements by December 20, 2024.
On September 27, 2023, the NYSE American confirmed acceptance of the company's compliance plan and granted a period through December 20, 2024, for the SPAC to regain its compliance with the listing standards. The exchange warned that if the company fails to meet these standards by the deadline or does not show consistent progress during this period, it may initiate delisting procedures.
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