Aquaron Acquisition Corp. Announces Receipt of Delinquency Notice from Nasdaq Regarding Delayed Form 10-Q

Rhea-AI Summary

Aquaron Acquisition Corp. (NASDAQ: AQU) received a delinquency notice from Nasdaq on May 22, 2024, for not timely filing its Form 10-Q for the period ended March 31, 2024. The notice is a deficiency notification and does not immediately affect the company's Nasdaq listing. Aquaron has until July 22, 2024, to submit a compliance plan to Nasdaq. If accepted, Nasdaq can grant a 180-day extension until November 18, 2024, to regain compliance. Failure to comply may lead to delisting, though the company can appeal. Aquaron aims to file the Form 10-Q once its financial statements are ready.

Positive

• The delinquency notice does not immediately affect the listing or trading of Aquaron's securities on Nasdaq.
• Aquaron has a potential 180-day extension period to regain compliance if their plan is accepted by Nasdaq.

Negative

• Aquaron failed to timely file its Form 10-Q for Q1 2024, resulting in a Nasdaq delinquency notice.
• The company has a 60-day deadline to submit a compliance plan, failing which it faces possible delisting.
• Potential delisting could occur if Aquaron does not meet compliance requirements within the allowed period.

NEW YORK, May 27, 2024 /PRNewswire/ -- Aquaron Acquisition Corp. (NASDAQ: AQU, the "Company"), a special purpose acquisition company, announced today that on May 22, the Company received a written notice (the "Notice") from the Listing Qualifications staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it currently does not satisfy Listing Rule 5250(c)(1), as a result of not having timely filed with the U.S. Securities and Exchange Commission (the "Commission") its Form 10-Q for the period ended March 31, 2024 (the "Form 10-Q").

The Notice is a notification of deficiency, not of imminent delisting, and has no immediate effect on the listing or trading of the Company's securities on the Nasdaq Capital Market.

The Company has 60 calendar days from the date of the Notice, or until July 22, 2024, to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule 5250(c)(1). If the Company submits a plan to Nasdaq and Nasdaq accepts the plan, Nasdaq can grant an exception of up to 180 calendar days from the due date of the filing of the Form 10-Q, or until November 18, 2024, to regain compliance. If the Company does not regain compliance within the allotted compliance periods, including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company's common stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel.

The Company's objective is to regain compliance with the listing requirement, and the Company currently intends to file the Form 10-Q with the Commission as soon as it completes the preparation and review of its financial statements for the period ended March 31, 2024.

About Aquaron Acquisition Corp.

Aquaron Acquisition Corp. is a Delaware corporation incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although it intends to focus on operating businesses in the new energy sector. The Company affirmatively excludes as an initial business combination target any company of which financial statements are audited by an accounting firm that the United States Public Company Accounting Oversight Board is unable to inspect for two consecutive years beginning in 2021 and any target company with China operations consolidated through a VIE structure.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

 

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SOURCE Aquaron Acquisition Corp.

FAQ

Why did Aquaron Acquisition Corp. receive a delinquency notice from Nasdaq?

Aquaron received a delinquency notice for not timely filing its Form 10-Q for the period ended March 31, 2024.

What is the deadline for Aquaron Acquisition Corp. to submit a compliance plan to Nasdaq?

Aquaron has until July 22, 2024, to submit a compliance plan to Nasdaq.

What happens if Aquaron Acquisition Corp. fails to regain compliance within the given period?

If Aquaron fails to regain compliance, its stock may be subject to delisting, though the company can appeal the decision.

What extension period can Nasdaq grant Aquaron Acquisition Corp. for compliance?

Nasdaq can grant Aquaron an extension of up to 180 days, until November 18, 2024, to regain compliance.

Does the delinquency notice immediately affect Aquaron Acquisition Corp.'s listing on Nasdaq?

No, the delinquency notice does not immediately affect the listing or trading of Aquaron's securities on Nasdaq.