Hudson Acquisition I Corp. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of its Form 10-Q

Rhea-AI Summary

Hudson Acquisition I Corp. receives notice of non-compliance with Nasdaq's Listing Rules due to delayed filings. Company has until June 20, 2023, to submit a plan to regain compliance. Replacing former auditor and working to complete required filings.

Positive

• Hudson Acquisition I Corp. is actively working to regain compliance with Nasdaq's Listing Rules by submitting a plan before June 20, 2023.
• The company is replacing its former auditor due to concerns about customer service.
• Hudson Acquisition I Corp. remains committed to transparency and regulatory compliance.

Negative

• None.

NEW YORK, May 30, 2023 (GLOBE NEWSWIRE) -- Hudson Acquisition I Corp. (the "Company" or "Hudson") (Nasdaq: HUDA), announced today that it received a notice (the "Notice") from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") on May 23, 2023, indicating that the Company is currently not in compliance with Nasdaq's Listing Rules (the "Listing Rules") due to the delayed filing of its Form 10-Q for the period ended March 31, 2023, as well as the pending filing of its 10-K for the period ended December 31, 2022 (the “Initial Delinquent Filing”), with the Securities and Exchange Commission ("SEC").

As per the Listing Rules, Nasdaq has granted the Company until June 20, 2023, to submit a plan outlining its strategy to regain compliance. Upon acceptance of the Company's plan, Nasdaq may provide an exception of up to 180 calendar days from the due date of the Initial Delinquent Filing, or until October 16, 2023, for the Company to regain compliance. However, the acceptance of the plan by Nasdaq and the subsequent compliance within any extension period granted cannot be guaranteed. Additionally, the Company must continue to meet other continued listing requirements specified in the Nasdaq Listing Rules. Should Nasdaq reject the Company's plan, the Company retains the right to appeal the decision to a Nasdaq hearings panel.

To rectify the situation promptly, the Company has decided to replace its former auditor due to significant concerns related to the level of customer service received and is proactive in engaging a new auditor. Simultaneously, the Company is diligently working towards completing the required Form 10-Q and 10-K filings and intends to submit both forms as soon as practicable, thereby regaining compliance with the Listing Rules.

It is important to note that the Notice has no immediate impact on the listing or trading of the Company's securities on Nasdaq. Hudson Acquisition I Corp. remains committed to transparency and regulatory compliance and will provide timely updates on its progress.

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 except that the Company will not consummate an initial business combination with any entity being based in or having the majority of its operations in China (including Hong Kong and Macau). 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 for two consecutive years beginning in 2021.

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.
Jiang Hui
Telephone: +1(347) 205-3126

Investor and Media Contact:
International Elite Capital Inc.
Annabelle Zhang
Telephone: +1(646) 866-7989
Email: annabelle@iecapitalusa.com

FAQ

What is Hudson Acquisition I Corp. being non-compliant with?

Hudson Acquisition I Corp. is currently not in compliance with Nasdaq's Listing Rules due to delayed filings.

What is the deadline for Hudson Acquisition I Corp. to submit a plan?

The company has until June 20, 2023, to submit a plan outlining its strategy to regain compliance.

Why is the company replacing its former auditor?

Hudson Acquisition I Corp. is replacing its former auditor due to significant concerns related to the level of customer service received.

What will happen if Nasdaq rejects the company's plan?

If Nasdaq rejects the company's plan, the company retains the right to appeal the decision to a Nasdaq hearings panel.

Is there any immediate impact on the company's securities on Nasdaq?

No, the notice of non-compliance has no immediate impact on the listing or trading of the company's securities on Nasdaq.