Distoken Acquisition Corporation Receives Expected Notice from Nasdaq Regarding Delayed Quarterly Filing

Rhea-AI Summary

Distoken Acquisition (NASDAQ: DIST) announced it received a notice from Nasdaq's Listing Qualifications Department for not timely filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. The company has until July 29, 2024, to submit a compliance plan. If accepted, Nasdaq may extend the deadline to November 18, 2024. There is no immediate effect on the listing or trading of DIST securities. The company is working to finalize and file the Form 10-Q promptly.

Positive

• No immediate effect on listing or trading of DIST securities.
• Company is actively working to finalize and file the Form 10-Q.
• Potential extension to November 18, 2024, if compliance plan is accepted.

Negative

• Failure to timely file Quarterly Report on Form 10-Q for Q1 2024.
• Received a non-compliance notice from Nasdaq.
• Potential delisting risk if compliance is not achieved by the extended deadline.

KUNMING, China, June 5, 2024 /PRNewswire/ -- Distoken Acquisition Corporation (NASDAQ: DIST) (the "Company") announced today that it received a notice ("Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") because the Company failed to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the "Form 10-Q") with the Securities and Exchange Commission ("SEC"). The Notice has no immediate effect on the listing or trading of the Company's securities on the Nasdaq Global Market. The Company is working diligently to finalize the financial statements and to file the Form 10-Q as soon as practicable.

Under Nasdaq rules, the Company has 60 calendar days from the date of the Notice, or until July 29, 2024, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-Q, or until November 18, 2024, to regain compliance.

About Distoken Acquisition Corporation

The Company is a blank check company incorporated as a Cayman Islands exempted company on July 1, 2020, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, "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. 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," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions, as they relate to us or our 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 us or persons acting on our 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 registration statement and prospectus for the Company's initial public offering filed with the SEC. 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:

Distoken Acquisition Corporation:

Jian Zhang
Chief Executive Officer
zhangjian@distoken.net

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SOURCE Distoken Acquisition Corporation

FAQ

Why did Distoken Acquisition receive a notice from Nasdaq on June 5, 2024?

Distoken Acquisition received a notice from Nasdaq for not timely filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

What is the Nasdaq Listing Rule 5250(c)(1) related to?

Nasdaq Listing Rule 5250(c)(1) pertains to the timely filing of periodic financial reports with the SEC.

What happens if Distoken Acquisition does not comply with Nasdaq's requirements by July 29, 2024?

If Distoken Acquisition does not submit a compliance plan by July 29, 2024, it risks further actions from Nasdaq, potentially affecting its listing status.

How long can Nasdaq extend the compliance deadline if Distoken's plan is accepted?

Nasdaq may grant an extension of up to 180 calendar days from the due date of Form 10-Q, which extends the deadline to November 18, 2024.

Is there any immediate impact on the trading of DIST securities following the Nasdaq notice?

There is no immediate impact on the listing or trading of DIST securities following the Nasdaq notice.