Greencity Acquisition Corporation Announces Receipt of Notice from Nasdaq Regarding Late Filing of Annual Report on Form 10-K

Rhea-AI Summary

Greencity Acquisition Corporation (NASDAQ: GRCY) has received a notice from Nasdaq due to the late filing of its Annual Report on Form 10-K for the year ending December 31, 2022. The notice was issued on April 24, 2023, indicating non-compliance with Nasdaq's timely filing criteria. Greencity has 60 days to submit a compliance plan; if accepted, it may receive up to 180 additional days to file the required report. The company is actively working to complete its Form 10-K and intends to file it to maintain its listing status. There is no guarantee that Nasdaq will accept the plan or that compliance will be achieved within the provided timeframe.

Positive

• None.

Negative

• Failed to file Form 10-K on time, risking Nasdaq listing compliance.
• No assurance that Nasdaq will accept the plan to regain compliance.

SHANGHAI, April 25, 2023 /PRNewswire/ -- Greencity Acquisition Corporation (NASDAQ: GRCY) (the "Company") today announced that it has received a notice ("Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") on April 24, 2023 as a result of its failure to file its Annual Report on Form 10-K for the year ended December 31, 2022 (the "Form 10-K") in a timely fashion. The Notice advised the Company that it was not in compliance with Nasdaq's continued listing requirements under the timely filing criteria established in Nasdaq Listing Rule 5250(c)(1).

Nasdaq has informed the Company that, under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice (June 23, 2023), 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-K (December 20, 2023), or until October 23, 2023, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company's plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.

As noted above, the Company is working diligently to complete its Form 10-K. The Company intends to file it as soon as practicable to regain compliance with Nasdaq continued listing standards.

About Greencity Acquisition Corporation

The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any industry or sector, the Company intends to focus on businesses that have a connection to the Asian market.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements". 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 offering filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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SOURCE GREENCITY ACQUISITION CORPORATION

FAQ

What notice did Greencity Acquisition Corporation receive from Nasdaq?

Greencity Acquisition Corporation received a notice of non-compliance due to the late filing of its Annual Report on Form 10-K.

How long does Greencity have to submit a plan to regain compliance?

Greencity has 60 days from April 24, 2023, to submit a compliance plan.

What is the deadline for Greencity to file its Form 10-K?

If Nasdaq accepts the compliance plan, Greencity has until October 23, 2023, to file the Form 10-K.

What are the risks if Greencity fails to regain compliance with Nasdaq?

If compliance is not achieved, Greencity may face delisting from Nasdaq.