Fusion Acquisition Corp. II Receives Notice from the NYSE Regarding Immediate Suspension in Trading of Securities and Commencement of Delisting Proceedings

Rhea-AI Summary

Fusion Acquisition Corp. II faces delisting from NYSE due to non-compliance with listing standard.

Positive

• The delisting of Fusion Acquisition Corp. II shares could potentially lead to a decrease in stock price.

Negative

• The suspension of trading and potential delisting may negatively impact investor confidence.

NEW YORK, Oct. 20, 2023 (GLOBE NEWSWIRE) -- On October 17, 2023, the New York Stock Exchange (“NYSE”) issued a press release announcing that the staff of NYSE Regulation determined to suspend trading immediately and commence proceedings to delist the shares of Class A common stock and units (collectively, the “Company Securities”) of Fusion Acquisition Corp. II (the “Company”) because the Company is not in compliance with the NYSE’s continued listing standard requiring a listed acquisition company to maintain an average aggregate global market capitalization attributable to its publicly-held shares over a consecutive 30 trading day period of at least $40,000,000. On the same day, the NYSE notified the Company in writing of the determination to suspend trading and commence proceedings.

The Company has the right to a review of NYSE Regulation’s determination by a Committee of the Board of Directors of the NYSE, and the NYSE will apply to the U.S. Securities and Exchange Commission (the “SEC”) to delist the Company Securities upon completion of all application procedures, including any appeal by the Company of NYSE Regulation’s determination. The Company will consider all of its options, including its option to pursue a review, in responding to the NYSE notification.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to the Company or its management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. 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 Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC. Copies of such report 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.

Contact:

John James
Chief Executive Officer
212-763-0169
SOURCE: Fusion Acquisition Corp. II

FAQ

Why is Fusion Acquisition Corp. II facing delisting?

Fusion Acquisition Corp. II is facing delisting from the NYSE because it is not in compliance with the NYSE's continued listing standard.

What is the NYSE's listing standard that the company failed to meet?

The NYSE's listing standard requires a listed acquisition company to maintain an average aggregate global market capitalization of at least $40,000,000 over a consecutive 30 trading day period.

What are the potential consequences of delisting?

Delisting could lead to a decrease in stock price and may negatively impact investor confidence.

Can Fusion Acquisition Corp. II appeal the determination to suspend trading and commence delisting proceedings?

Yes, Fusion Acquisition Corp. II has the right to a review of NYSE Regulation's determination by a Committee of the Board of Directors of the NYSE.

What options does Fusion Acquisition Corp. II have in response to the NYSE notification?

Fusion Acquisition Corp. II will consider all of its options, including the option to pursue a review, in responding to the NYSE notification.