SHANGHAI, April 25,
2023 /PRNewswire/ -- Greencity Acquisition
Corporation (NASDAQ: GRCY) (the "Company") today announced that it
has received a notice ("Notice") from the Listing Qualifications
Department of The Nasdaq Stock Market ("Nasdaq") on
April 24, 2023 as a
result of its failure to file its Annual Report on Form
10-K for the year
ended December 31,
2022 (the "Form
10-K") in a timely fashion. The Notice
advised the Company that it was not in compliance with Nasdaq's
continued listing requirements under the timely filing criteria
established in Nasdaq Listing Rule 5250(c)(1).
Nasdaq has informed the Company that, under Nasdaq rules,
the Company has 60 calendar days from receipt of the Notice
(June 23,
2023), to submit a plan to regain
compliance with the Rule. If Nasdaq accepts the Company's plan,
then Nasdaq may grant an exception of up to 180 calendar days from
the due date of the Form 10-K
(December
20, 2023), or
until October
23, 2023, to regain
compliance. However, there can be no assurance that Nasdaq will
accept the Company's plan to regain compliance or that the Company
will be able to regain compliance within any extension period
granted by Nasdaq. If Nasdaq does not accept the Company's plan,
then the Company will have the opportunity to appeal that decision
to a Nasdaq hearings panel.
As noted above, the Company is working diligently to
complete its Form 10-K. The Company
intends to file it as soon as practicable to regain compliance with
Nasdaq continued listing standards.
About Greencity Acquisition Corporation
The Company is a blank check company incorporated as a
Cayman Islands exempted company
and formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses. While the Company
may pursue an acquisition opportunity in any industry or sector,
the Company intends to focus on businesses that have a connection
to the Asian market.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements". Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of the Company, including those set forth in the Risk
Factors section of the Company's registration statement and
prospectus for the offering filed with the Securities and Exchange
Commission ("SEC"). Copies are available on the SEC's website,
www.sec.gov. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
View original
content:https://www.prnewswire.com/news-releases/greencity-acquisition-corporation-announces-receipt-of-notice-from-nasdaq-regarding-late-filing-of-annual-report-on-form-10-k-301806962.html
SOURCE GREENCITY ACQUISITION CORPORATION