Concord Acquisition Corp II Navigates Transition Following NYSE American Delisting Notice
Rhea-AI Summary
Concord Acquisition Corp II (NYSE: CNDA) has received a delisting notice from NYSE American due to not completing a business combination within the required 36-month timeframe. The company plans to appeal this decision and seek a review from the Listings Qualifications Panel. In the meantime, CNDA intends to list its Securities on the OTC Markets during the NYSE American suspension. The company and its sponsor are also exploring a potential listing on Nasdaq as an alternative. Despite this setback, Concord remains committed to its public market goals and enhancing shareholder value.
Positive
- Exploring alternative listing on Nasdaq
- Temporary listing on OTC Markets to maintain trading
- Appealing NYSE American delisting decision
Negative
- Received delisting notice from NYSE American
- Failed to complete business combination within 36-month requirement
- Potential loss of NYSE American listing
News Market Reaction 1 Alert
On the day this news was published, CNDA declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Alternative Listing with Nasdaq Considered
The Company has the right to request a review of this delisting determination by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange. In line with its strategic plans, the Company intends to pursue this review and will seek to list its Securities on the OTC Markets for trading during the suspension on NYSE American. This transition is expected to be temporary as the Company remains hopeful that its appeal for an extension will be granted by the NYSE American. Simultaneously, the Company and its sponsor are actively exploring a listing on the Nasdaq.
Concord remains focused on the public process, continuing to work diligently to achieve its listing goals and enhance shareholder value.
About Concord Acquisition Corp II
Concord Acquisition Corp II is a special purpose acquisition company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the financial services or financial technology industries.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as "believes," "expects," "intends," "plans," "estimates," "assumes," "may," "should," "will," "seeks," or other similar expressions. Such statements may include, but are not limited to, statements regarding the Company's plan to request a review of the delisting determination and the Company's plan to list the Securities on the OTC Markets. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
Company Contact:
Concord Acquisition Corp II
Jeff Tuder
jeff@tremsoncapital.com
View original content:https://www.prnewswire.com/news-releases/concord-acquisition-corp-ii-navigates-transition-following-nyse-american-delisting-notice-302236816.html
SOURCE Concord Acquisition Corp II
FAQ
Why is Concord Acquisition Corp II (CNDA) facing delisting from NYSE American?
What are Concord Acquisition Corp II's (CNDA) plans after receiving the NYSE American delisting notice?
Will Concord Acquisition Corp II (CNDA) securities continue trading after the NYSE American suspension?
Is Concord Acquisition Corp II (CNDA) considering other stock exchanges for listing?
