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Arogo Capital Acquisition Corp. (Nasdaq: AOGO/AOGOU/AOGOW) is a blank check company incorporated in Delaware on June 9, 2021. As a special purpose acquisition company (SPAC), Arogo's primary objective is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.
On September 28, 2023, Arogo announced an extension for consummating a business combination from December 29, 2023, to December 29, 2024. This decision was approved by its stockholders and includes a reduction in the monthly extension fee starting from September 29, 2023. This extension allows the company additional time to complete its proposed business combination with EON Reality, Inc., a prominent player in the Augmented and Virtual Reality industry.
Despite the recent termination of the Merger Agreement with EON Reality on November 9, 2023, Arogo remains committed to seeking alternative business combinations that align with its strategic goals. The company has deposited $40,000 into a trust account for public stockholders to extend the period for completing the business combination by one month, with up to fifteen such monthly extensions permitted.
About EON Reality:
EON Reality is recognized for its innovations in Augmented and Virtual Reality-based experience creation. The company's mission is centered on the democratization of knowledge through its SaaS-based platform, EON-XR, which enables code-free XR development and publishing. EON Reality has established a global network with over 1.8 million licenses and an extensive XR library with more than 4.4 million assets.
Investors and stakeholders can stay updated with the latest developments by referring to the relevant materials filed with the Securities and Exchange Commission (SEC), including the registration statement on Form S-4 and related proxy statements.
Arogo Capital Acquisition Corp. (Nasdaq: AOGO/AOGOU/AOGOW) has received a delisting notice from Nasdaq on August 12, 2024. The company is not compliant with the Nasdaq Listing Rule 5450(b)(2)(C), which requires a minimum market value of publicly held shares of $15,000,000. Arogo has a 180-day compliance period until February 8, 2025, to regain compliance by maintaining the required market value for at least 10 consecutive business days. If unsuccessful, the company may face delisting, with an option to appeal. This notice does not immediately affect Arogo's Nasdaq listing, and the company will monitor the situation and consider available options to regain compliance.
Arogo Capital Acquisition Corp. (Nasdaq: AOGO/AOGOU/AOGOW) has received a delisting notice from Nasdaq on July 31, 2024. The company failed to comply with two listing requirements: maintaining a Market Value of Listed Securities of at least $50 million and having at least 400 total holders. Arogo has until August 7, 2024, to appeal the decision. The company has submitted a timely appeal and requested a hearing before the Nasdaq Hearing Panel, along with a $20,000 fee. This action automatically stays the suspension of Arogo's securities pending the hearing. However, there is no guarantee that Arogo will receive a favorable decision or maintain its Nasdaq listing.
Arogo Capital Acquisition Corp. (Nasdaq: AOGO/AOGOU/AOGOW) announced on March 28, 2023, that its stockholders approved an extension for completing its business combination with EON Reality, Inc. This extension moves the deadline from March 29, 2023, to December 29, 2023. At a special meeting held on March 24, 2023, shareholders directed the company to deposit $191,666 into the trust account as part of the extension payment. Following the redemption, Arogo will have approximately 5,552,745 shares outstanding. The merger with EON Reality, renowned for its augmented and virtual reality innovations, aims to enhance market opportunities and drive growth.
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