Hudson Acquisition I Corp. Announces Receipt of Nasdaq Delisting Notice, Submission of a Hearing Request and Initiation of Compliance Measures
Hudson Acquisition I Corp. (HUDA) has received a delisting notice from Nasdaq due to multiple non-compliance issues with continued listing requirements. The company faces potential delisting on August 1, 2024, unless it successfully appeals. Key issues include:
1. Market value below $50 million
2. Insufficient publicly held shares
3. Low market value of publicly held shares
4. Failure to meet alternative listing criteria
5. Late filing of financial reports
HUDA has taken immediate action, including filing overdue reports, applying for transfer to Nasdaq Capital Market, and requesting a hearing. The company is preparing a compliance plan and seeking an extension for continued listing.
Hudson Acquisition I Corp. (HUDA) ha ricevuto una notifica di delisting da Nasdaq a causa di molteplici problemi di non conformità con i requisiti di quotazione continua. L'azienda rischia un delisting il 1° agosto 2024, a meno che non presenti un appello con successo. I problemi principali includono:
1. Valore di mercato inferiore a 50 milioni di dollari
2. Numero insufficiente di azioni in circolazione
3. Basso valore di mercato delle azioni in circolazione
4. Mancato rispetto di criteri alternativi per la quotazione
5. Presentazione tardiva di rapporti finanziari
HUDA ha intrapreso azioni immediate, tra cui la presentazione di rapporti scaduti, la richiesta di trasferimento al Nasdaq Capital Market e la richiesta di un'udienza. L'azienda sta preparando un piano di conformità e richiedendo un'estensione per la quotazione continua.
Hudson Acquisition I Corp. (HUDA) ha recibido un aviso de deslistado de Nasdaq debido a múltiples problemas de incumplimiento con los requisitos de cotización continua. La empresa enfrenta un posible deslistado el 1 de agosto de 2024, a menos que presente un recurso exitoso. Los problemas clave incluyen:
1. Valor de mercado inferior a 50 millones de dólares
2. Insuficientes acciones en circulación
3. Bajo valor de mercado de las acciones en circulación
4. Incumplimiento de criterios alternativos de cotización
5. Presentación tardía de informes financieros
HUDA ha tomado medidas inmediatas, incluyendo la presentación de informes atrasados, la solicitud de transferencia al Nasdaq Capital Market y la solicitud de una audiencia. La empresa se está preparando con un plan de cumplimiento y buscando una extensión para la cotización continua.
허드슨 인수 I Corp. (HUDA)는 지속적인 상장 요건에 대한 여러 비준수 문제로 인해 나스닥으로부터 상장폐지 통지를 받았습니다. 회사는 2024년 8월 1일에 상장폐지 될 위험이 있으며, 성공적으로 항소하지 않으면 상장폐지가 이루어질 수 있습니다. 주요 문제는 다음과 같습니다:
1. 시장 가치 5천만 달러 미만
2. 공개 유통 주식 부족
3. 공개 유통 주식의 낮은 시장 가치
4. 대체 상장 기준 미충족
5. 재무 보고서 제출 지연
HUDA는 보고서 제출 및 나스닥 자본 시장으로의 이전 신청을 포함한 즉각적인 조치를 취했으며, 청문회 요청도 했습니다. 회사는 준수 계획을 준비 중이며 지속적인 상장을 위한 연장 요청도 하고 있습니다.
Hudson Acquisition I Corp. (HUDA) a reçu un avis de radiation de Nasdaq en raison de multiples problèmes de non-conformité aux exigences de cotation continue. L'entreprise risque une radiation le 1er août 2024, sauf si elle parvient à faire appel avec succès. Les principaux problèmes comprennent :
1. Valeur de marché inférieure à 50 millions de dollars
2. Nombre insuffisant d'actions en circulation
3. Faible valeur de marché des actions en circulation
4. Non-respect des critères d'inscription alternatifs
5. Dépôt tardif des rapports financiers
HUDA a pris des mesures immédiates, y compris le dépôt de rapports en retard, la demande de transfert au Nasdaq Capital Market et la demande d'une audience. L'entreprise prépare un plan de conformité et demande une extension pour la cotation continue.
Hudson Acquisition I Corp. (HUDA) hat eine Abmeldung von Nasdaq erhalten, aufgrund mehrfacher Nichteinhaltung der Anforderungen für die weitere Börsennotierung. Das Unternehmen sieht sich einer möglichen Abmeldung am 1. August 2024 gegenüber, es sei denn, es legt erfolgreich Widerspruch ein. Die Hauptprobleme umfassen:
1. Marktwert unter 50 Millionen Dollar
2. Unzureichende öffentlich gehaltene Aktien
3. Niedriger Marktwert der öffentlich gehaltenen Aktien
4. Versäumnis, alternative Zulassungskriterien zu erfüllen
5. Verspätete Einreichung von Finanzberichten
HUDA hat sofortige Maßnahmen ergriffen, einschließlich der Einreichung überfälliger Berichte, der Beantragung der Übertragung an den Nasdaq Capital Market und der Anforderung einer Anhörung. Das Unternehmen bereitet einen Compliance-Plan vor und bittet um eine Verlängerung für die weitere Notierung.
- Company has filed the overdue Form 10-K for 2023
- Applied for transfer from Nasdaq Global Market to Nasdaq Capital Market
- Secured a hearing date with Nasdaq for August 22, 2024
- Actively engaging with Nasdaq to explore compliance measures
- Received delisting notice from Nasdaq
- Market value of listed securities below required $50 million
- Only 105,000 publicly held shares, far below 1,100,000 requirement
- Market value of publicly held shares at $1.3 million, below $15 million requirement
- Failed to timely file Form 10-K for 2023 and Form 10-Q for Q1 2024
- Potential violation of minimum number of total holders requirement
- Risk of suspension of trading and delisting from Nasdaq Global Market
Insights
Hudson Acquisition I Corp.'s receipt of a delisting notice from Nasdaq is a significant development that warrants close attention from investors. The company's failure to meet multiple listing requirements raises serious concerns about its financial health and operational stability.
Key points to consider:
- Market value of listed securities below
$50,000,000 for 30 consecutive trading days - Only ~105,000 publicly held shares, far below the required 1,100,000
- Market value of publicly held shares at approximately
$1.3 million , well under the$15 million requirement - Delayed filing of Form 10-K and Form 10-Q
These issues collectively paint a picture of a company struggling to maintain its financial footing and meet regulatory requirements. The potential delisting could significantly impact liquidity and investor confidence.
However, HUDA's proactive response is noteworthy. They've filed the overdue Form 10-K, are working on the Form 10-Q and have initiated the process to transfer to the Nasdaq Capital Market. These actions demonstrate a commitment to addressing the issues, but the outcome remains uncertain.
Investors should be cautious. While the company's efforts to regain compliance are positive, the underlying financial issues that led to this situation require careful scrutiny. The hearing on August 22, 2024, will be a critical juncture in determining HUDA's future on Nasdaq.
The delisting notice received by Hudson Acquisition I Corp. presents significant legal and regulatory challenges. The company's non-compliance with multiple Nasdaq listing rules exposes it to potential legal risks and regulatory scrutiny.
Key legal considerations:
- Violation of Nasdaq Listing Rule 5250(c)(1) due to late filings of Form 10-K and Form 10-Q
- Potential breach of securities laws regarding timely disclosure of material information
- Risk of shareholder lawsuits alleging failure to maintain listing standards
The company's swift response in filing the overdue Form 10-K and planning to file the Form 10-Q is a positive step towards mitigating these risks. However, the broader issues of market value and public float remain unresolved.
The hearing request and potential transfer to the Nasdaq Capital Market are strategic moves that could buy time for compliance. However, these actions don't guarantee a favorable outcome. The Panel will scrutinize the company's plan for regaining compliance and its decision will be important for HUDA's future.
Investors should be aware that even if HUDA is delisted, this doesn't preclude a future combined entity from seeking initial listing approval. This provision offers a potential path forward for the company's long-term plans, but it doesn't mitigate the immediate risks associated with a potential delisting.
Overall, the legal and regulatory challenges facing HUDA are substantial and the company's ability to navigate these issues will be critical in the coming weeks and months.
NEW YORK, NY, July 26, 2024 (GLOBE NEWSWIRE) -- Hudson Acquisition I Corp. (the "Company" or "HUDA") (Nasdaq: HUDA) today announced that it received a delisting notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on July 23, 2024. The Notice informs the Company of its noncompliance with Nasdaq’s continued listing requirements. Unless this determination is successfully appealed, the Company’s securities will be delisted from the Nasdaq Global Market.
The Notice specifies that unless the Company requests an appeal of this determination by July 30, 2024, trading of the Company’s ordinary shares, warrants, and units will be suspended at the opening of business on August 1, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.
The delisting determination arises from the Company’s failure to meet several Nasdaq continued listing requirements. Specifically, the Company is noncompliant with Nasdaq Listing Rule 5450(b)(2)(A) due to its market value of listed securities being below the required
The Company is also noncompliant with Listing Rules 5450(b)(1) and 5450(b)(3) for the Nasdaq Global Market’s alternative listing criteria, and it does not meet the Nasdaq Capital Market’s requirements under Listing Rule 5550. Additionally, the Company may be in violation of Listing Rule 5450(a)(2) due to an insufficient number of total holders. Lastly, the Company has failed to timely file its Form 10-K for the year ended December 31, 2023, and Form 10-Q for the period ended March 31, 2024, in breach of Listing Rule 5250(c)(1).
The Notice further outlines that the Company has the right to request a hearing before a Nasdaq Hearings Panel (the "Panel") to appeal the Staff Determination. This appeal request will temporarily stay the suspension of the Company’s securities for a period of 15 days from the date of the request.
In response to the Notice, the Company has taken prompt action to address these issues. Specifically, the Company has:
- Filed the Form 10-K for the year ended December 31, 2023, on July 23, 2024, and expects to file the Form 10-Q for the period ended March 31, 2024, within the next ten (10) business days;
- Applied to transfer from the Nasdaq Global Market to the Nasdaq Capital Market and received a case ID on July 24, 2024;
- Submitted a Hearing Request on July 24, 2024, and secured a Hearing date for August 22, 2024;
- Received instructions for the Hearing from Nasdaq and is preparing materials to be submitted by August 2, 2024.
The Company has also engaged in multiple discussions with Nasdaq since July 23, 2024, to explore various measures for regaining compliance. As of the date of this release, these discussions are ongoing.
In the event that HUDA is delisted, the delisting of the SPAC will not preclude the combined entity, or the deSPAC entity from receiving initial listing approval for listing on the Nasdaq Stock Market. The combined entity will be subject to the same quantitative initial listing standards as any SPAC, regardless of the SPAC's prior listing status.
Hudson Acquisition I Corp. is committed to presenting a comprehensive plan to regain compliance with Nasdaq’s listing requirements and to seek an extension for continued listing while working towards a return to compliance.
About Hudson Acquisition I Corp.
Hudson Acquisition I 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. The Company affirmatively excludes as an initial business combination with a target company of which financial statements are audited by an accounting firm that the United States Public Company Accounting Oversight Board is unable to inspect.
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, including the search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. No assurance can be given that the net proceeds of the offering will be used as indicated. 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 for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. 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, except as may be required by law.
Company Contact
Hudson Acquisition I Corp.
Pengfei Xie
Telephone: +1(917) 345-0953
Investor and Media Contact:
International Elite Capital Inc.
Annabelle Zhang
Telephone: +1(646) 866-7928
Email: annabelle@iecapitalusa.com
FAQ
Why did Hudson Acquisition I Corp. (HUDA) receive a delisting notice from Nasdaq?
What actions has HUDA taken to address the Nasdaq delisting notice?
When is HUDA's hearing with Nasdaq scheduled?
What happens if HUDA fails to appeal or regain compliance with Nasdaq?
