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Aetherium Acquisition Corp. - GMFI STOCK NEWS

Welcome to our dedicated page for Aetherium Acquisition news (Ticker: GMFI), a resource for investors and traders seeking the latest updates and insights on Aetherium Acquisition stock.

Aetherium Acquisition Corp, trading under the symbol GMFI on Nasdaq, is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). It was formed with the primary goal of merging, acquiring assets, or entering into contractual business combinations with one or more businesses. The company's operations are not confined to any specific industry, sector, or geographical region, allowing for vast opportunities to identify a prospective target business.

Currently led by Chairman and CEO Jonathan Chan and CFO Alex Lee, Aetherium Acquisition Corp has been actively working to comply with Nasdaq's listing requirements. The company has faced challenges due to delays in filing its Quarterly Reports on Form 10-Q for the periods ending March 31, June 30, and September 30, 2023. Despite receiving delinquency notifications from Nasdaq, Aetherium has been granted an extension until November 20, 2023, to regain compliance by filing the overdue reports.

Moreover, Aetherium has been notified of non-compliance with Nasdaq's market value and shareholder requirements. The company has initiated a transition of its accounting services to Malone Bailey and is working with third-party firms, including its underwriter EF Hutton, to expand its shareholder base. The goal is to migrate to Nasdaq Capital Markets, ensuring compliance with the listing rules, such as maintaining a minimum of 300 shareholders and meeting the $35 million market value of listed securities.

The management team remains committed to addressing these compliance issues. They are actively appealing the recent delisting determinations and taking steps to remedy all deficiencies. Their efforts include submitting plans to Nasdaq and requesting hearings to gain additional time for compliance.

Overall, Aetherium Acquisition Corp's focus on strategic mergers and acquisitions offers potential for significant growth and value creation for its shareholders. As the company navigates these regulatory challenges, it continues to prioritize strategic initiatives that align with its long-term business objectives.

Rhea-AI Summary

Aetherium Acquisition Corp (Nasdaq: GMFI) announced receiving a termination notice from Capital A Berhad regarding their business combination agreement dated February 28, 2024. The termination follows Nasdaq's decision to delist Aetherium's securities for failing to meet listing standards, resulting from Capital A's delays in completing Form F-4 submission. Capital A's decision came without prior notice while simultaneously submitting a Regularization Plan to Bursa Malaysia that excludes this merger. Aetherium's board views this unilateral termination as not acting in good faith, especially after receiving regular reassurances about proceeding with the combination.

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Aetherium Acquisition Corp. (Nasdaq: GMFI) has received a notice from Nasdaq regarding potential trading suspension due to non-compliance with Nasdaq's listing rules. The company failed to meet the minimum market value of listed securities ($50M) and the minimum total holder requirement (400 holders). Aetherium has appealed the decision and requested a hearing, submitting a compliance plan to Nasdaq. The company intends to file Form F-4 for a business combination with Capital A Berhad and is preparing for a potential transfer to the Nasdaq Capital Market. Despite previous extensions and a compliance plan that included converting Class B stock to Class A, Aetherium did not meet the required benchmarks by the deadline.

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Aetherium Acquisition Corp (GMFI) postpones its extraordinary general meeting to gather more votes for the Trust Amendment Proposal. Stockholders as of February 9, 2024, can vote until March 28, 2024. The Company has adjusted Proposal 4 to exclude fund withdrawals for taxes.
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Aetherium Acquisition Corp (NASDAQ:GMFI) postpones its extraordinary general meeting of stockholders to March 12, 2024, with record date on February 9, 2024. Shareholders can access the virtual meeting and exercise redemption rights until February 26, 2024.
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Capital A International finalizes a business combination agreement with Aetherium Acquisition Corp to list CAPI in the U.S. public markets, leveraging the AirAsia brand and offering investors a gateway to the fast-growing Asean market. The proposed transaction value is US$1.15 billion.
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Aetherium Acquisition Corp (GMFI) is facing potential delisting from The Nasdaq Global Market due to non-compliance with minimum market value and total shareholder requirements. The company has received a Staff Determination Letter from Nasdaq, stating that its securities will be delisted on December 6th, 2023, unless an appeal is requested. This decision follows the Company's failure to comply with Listing Rule 5250(c) and the minimum 400 total holders as required by Listing Rule 5450(a)(2). The Company intends to appeal the Staff's determination and has outlined key initiatives to regain compliance, including transitioning accounting services and expanding the shareholder count to 300.
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Aetherium Acquisition Corp received a delinquency notification letter from Nasdaq regarding its failure to file quarterly reports, but it has no immediate effect on stock trading. The company has submitted a plan to regain compliance and has an extension until November 20, 2023. If it fails to regain compliance by then, it may appeal the delisting determination.
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FAQ

What is the current stock price of Aetherium Acquisition (GMFI)?

The current stock price of Aetherium Acquisition (GMFI) is $11.04 as of June 20, 2024.

What is the market cap of Aetherium Acquisition (GMFI)?

The market cap of Aetherium Acquisition (GMFI) is approximately 56.4M.

What is Aetherium Acquisition Corp (GMFI)?

Aetherium Acquisition Corp is a blank check company formed to merge with or acquire other businesses. It trades under the symbol GMFI on Nasdaq.

Who leads Aetherium Acquisition Corp?

The company is led by Jonathan Chan as the Chairman and CEO, and Alex Lee as the CFO.

What recent challenges has Aetherium faced?

The company has faced challenges with timely filing its Quarterly Reports on Form 10-Q for several periods in 2023 and non-compliance with Nasdaq's listing rules.

What steps is Aetherium taking to regain compliance with Nasdaq?

Aetherium is transitioning its accounting services, expanding its shareholder base, and appealing recent delisting notifications to regain compliance.

What is a Special Purpose Acquisition Company (SPAC)?

A SPAC is a type of company formed specifically to merge with or acquire another business, providing a means for private companies to go public.

By when does Aetherium need to regain compliance with Nasdaq?

Aetherium has until November 20, 2023, to regain compliance by submitting overdue reports and meeting other listing requirements.

What industries does Aetherium target for acquisition?

Aetherium's acquisition efforts are not limited to any specific industry, sector, or geographical region.

What are forward-looking statements?

Forward-looking statements are predictions about future events that involve risks and uncertainties, and actual results may differ from these predictions.

How can I contact Aetherium Acquisition Corp?

You can contact Aetherium Acquisition Corp at info@aetheriumcapital.com or visit their office at 79B Pemberwick Rd, Greenwich, CT.

What are the company's long-term objectives?

Aetherium aims to identify strategic business combinations that offer potential growth and value creation for its shareholders.
Aetherium Acquisition Corp.

Nasdaq:GMFI

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GMFI Stock Data

56.37M
1.19M
161.58%
92.92%
0.02%
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