Alternative Listing with Nasdaq
Considered
NEW
YORK, Sept. 3, 2024 /PRNewswire/ -- Concord
Acquisition Corp II (NYSE: CNDA) (the "Company") today announced
that it has received notification from NYSE American LLC ("NYSE
American" or the "Exchange") indicating that the staff of NYSE has
determined to initiate proceedings which may delist the Company's
Class A Common Stock, Units, and Warrants (collectively, the
"Securities"). This step, anticipated as part of the Company's
strategic journey to the public markets, is due to the Company not
completing a business combination within 36 months as required by
Sections 119(b) and 119(f) of the NYSE American Listed Company
Guide.
The Company has the right to request a review of this delisting
determination by the Listings Qualifications Panel of the Committee
for Review of the Board of Directors of the Exchange. In line with
its strategic plans, the Company intends to pursue this review and
will seek to list its Securities on the OTC Markets for trading
during the suspension on NYSE American. This transition is expected
to be temporary as the Company remains hopeful that its appeal for
an extension will be granted by the NYSE American. Simultaneously,
the Company and its sponsor are actively exploring a listing on the
Nasdaq.
Concord remains focused on the
public process, continuing to work diligently to achieve its
listing goals and enhance shareholder value.
About Concord Acquisition Corp II
Concord Acquisition
Corp II is a special purpose acquisition company formed for the
purpose of entering into a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses in the financial services
or financial technology industries.
Forward-Looking Statements
This press release includes
"forward-looking statements" within the meaning of the safe harbor
provisions of the United States Private Securities Litigation
Reform Act of 1995. Certain of these forward-looking statements can
be identified by the use of words such as "believes," "expects,"
"intends," "plans," "estimates," "assumes," "may," "should,"
"will," "seeks," or other similar expressions. Such statements may
include, but are not limited to, statements regarding the Company's
plan to request a review of the delisting determination and the
Company's plan to list the Securities on the OTC Markets. These
statements are based on current expectations on the date of this
press release and involve a number of risks and uncertainties that
may cause actual results to differ significantly. The Company does
not assume any obligation to update or revise any such
forward-looking statements, whether as the result of new
developments or otherwise. Readers are cautioned not to put undue
reliance on forward-looking statements.
Company Contact:
Concord Acquisition Corp II
Jeff Tuder
jeff@tremsoncapital.com
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SOURCE Concord Acquisition Corp II