Metal Sky Star Acquisition Corporation Announces Receipt of Notice from Nasdaq Regarding Delayed Filings and Failure to Close One Or More Business Combinations
14 August 2024 - 7:00AM
Metal Sky Star Acquisition Corporation (Nasdaq: MSSA) (the
“Company”) announced that it has received a notice (the “Notice”)
from The Nasdaq Stock Market LLC (“Nasdaq”) stating that as a
result of its failure to complete one or more business combinations
within 36 months of the effectiveness of its IPO registration
statement, or such shorter time that the Company specifies in its
Articles of Association, as amended, in accordance with Nasdaq rule
IM-5101-2; and subsequently, the Company fails to timely file its
Quarterly Report on Form 10-Q for the quarterly period ended March
31, 2024 (the “Form 10-Q”) and Annual Report on Form 10-K for the
period ended December 31, 2023 (the “Delayed Filings”) in
accordance with Nasdaq Listing Rule 5250(c)(1), the Company’s
securities (units, ordinary shares, warrants, and rights) would be
subject to suspension and delisting from The Nasdaq Capital Market
at the opening of business on August 16, 2024, unless the Company
timely requests a hearing before the Nasdaq Hearings Panel (the
“Panel”).
As reported by the Company in its Form 12b-25
filed with the Securities and Exchange Commission (the “SEC”) on
April 1, 2024, and May 16, 2024, the Company was unable to file its
Form 10-K and Form 10-Q within the prescribed time period without
unreasonable effort or expense. The extension period provided under
SEC Rule 12b-25 expired.
The Company submitted its plan to regain
compliance with the Nasdaq Listing Rule on July 30, 2024. The
Delayed Filings serves as an additional and separate basis for
delisting, and as such, the Company should address this concern
before the Panel if it appeals staff’s determination. Pursuant to
the Notice, the Company has until August 14, 2024 to requests an
appeal of the determination. A request for a hearing regarding the
delinquent filings will stay the suspension of the Company’s
securities for a period of 15 days from the date of the request.
When the Company requests a hearing, it may also request a stay of
the suspension, pending the hearing. A panel will review the
request for an extended stay and notify the Company of its
conclusion as soon as is practicable but in any event no later than
15 calendar days following the deadline to request the hearing.
About Metal Sky Star Acquisition
Corporation
Metal Sky Star Acquisition Corporation is a
blank check company formed under the laws of the Cayman Islands for
the purpose of effecting a merger, share exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses.
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 final
prospectus for the offering filed with the 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.
Company Contacts:Wenxi He Chairman and Chief Executive
Officer
221 River Street, 9th Floor,Hoboken,NJ 07030
Email: Olivia.he@gmail.com
Source: Metal Sky Star Acquisition Corporation
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