Welcome to our dedicated page for Atlantic Coastal Acquisition II news (Ticker: ACAB), a resource for investors and traders seeking the latest updates and insights on Atlantic Coastal Acquisition II stock.
Atlantic Coastal Acquisition Corp. II (NASDAQ: ACAB) is a special purpose acquisition company (SPAC) focused on facilitating business combinations with innovative enterprises. Established and led by a team of seasoned professionals including Chairman and CEO Shahraab Ahmad, President and Director Burt Jordan, and CSO Director Tony Eisenberg, the company closed its Initial Public Offering (IPO) on January 18, 2022, and is listed on Nasdaq.
Atlantic Coastal Acquisition Corp. II aims to identify and merge with businesses that are at the forefront of transformative technologies and solutions. The company is particularly keen on the future of mobility, making strategic moves to support and enhance advancements in this sector.
One of the company's notable recent developments is its planned business combination with Abpro Corporation, a biotechnology company specializing in next-generation antibody therapies aimed at treating severe and life-threatening diseases. This transaction is expected to close in Q2 of 2024 and will bring significant financial resources to Abpro, helping advance its drug pipeline towards clinical trials. The partnership is poised to enhance Abpro’s research on HER2+ cancer treatments and other critical therapeutic areas.
In recent months, Atlantic Coastal has been addressing compliance challenges related to timely filings with the Securities and Exchange Commission (SEC). On May 30, 2023, the company announced that it had received a notice of deficiency from Nasdaq due to a delay in filing its Quarterly Report on Form 10-Q for the period ending March 31, 2023. Subsequently, on August 25, 2023, the company received another notice for a delay in filing its second quarter 2023 Form 10-Q. Despite these setbacks, Atlantic Coastal is committed to resolving these issues promptly.
Additionally, Atlantic Coastal announced a series of extensions to provide more time for completing its business combination efforts. This includes a recent extension from October 19, 2023, to November 19, 2023, facilitated by an $80,000 deposit into its trust account by its IPO sponsor, Atlantic Coastal Acquisition Management II LLC.
Atlantic Coastal Acquisition Corp. II’s approach centers on leveraging its financial and strategic expertise to support the growth of high-potential companies, particularly those driving innovation in mobility and healthcare. For further information, please visit www.atlantic-coastal.com.
Atlantic Coastal Acquisition Corp. II (NASDAQ: ACAB) received a notification from Nasdaq on June 3, 2024, indicating non-compliance with listing requirements due to a delayed filing of its Quarterly Report on Form 10-Q for the period ending March 31, 2024. This notification does not immediately affect the listing of the company's securities. The company has 60 days to present a compliance plan to Nasdaq and is working to finalize the financial statements to file the 10-Q in the upcoming weeks.
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