Investcorp Europe Acquisition Corp I Receives NASDAQ Notification of Noncompliance with Listing Rule 5250(c)(1)

Rhea-AI Summary

On April 19, 2023, Investcorp Europe Acquisition Corp I (NASDAQ: IVCB) received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Annual Report on Form 10-K for the fiscal year ending December 31, 2022. The Company has until June 20, 2023, to present a compliance plan to Nasdaq, with a potential extension for compliance until October 16, 2023. However, the Company expects to file the 2022 10-K within the 60-day period, thereby regaining compliance with Nasdaq listing requirements. The notification does not immediately impact the trading status of IVCB's common stock.

Positive

• The Company anticipates filing the 2022 10-K before the deadline, which could lead to regaining compliance with Nasdaq.

Negative

• Failure to file the 2022 10-K on time raises concerns about the Company's operational and financial governance.

NEW YORK--(BUSINESS WIRE)-- Investcorp Europe Acquisition Corp I (Nasdaq: IVCB) (the “Company”) announced today that on April 19, 2023, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) stating that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of it not having timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 10-K”) with the Securities and Exchange Commission (“SEC”).

The Nasdaq notification letter provides the Company with 60 calendar days, or until June 20, 2023, to submit to Nasdaq a plan to regain compliance in accordance with Nasdaq’s listing requirements. If the Company’s plan is accepted, Nasdaq may grant the Company up to 180 days, or until October 16, 2023, for the Company to regain compliance. If Nasdaq does not accept the Company’s plan, the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Pane under Nasdaq Listing Rule 5815(a). The Nasdaq notification letter has no immediate effect on the listing of the Company’s common stock on the NASDAQ Capital Market.

The Company does not currently expect submission of a compliance plan will be necessary as it anticipates filing its 2022 10-K prior to the expiration of the 60 day period. The Company anticipates that it will fully regain compliance with the NASDAQ continued listing requirements upon such filing of its 2022 10-K.

About Investcorp Europe Acquisition Corp I

Investcorp Europe Acquisition Corp I is a blank check company formed as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or assets.

Forward Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2021 and our other reports and filings with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230420005953/en/

MEDIA:

Brian Ruby, ICR, brian.ruby@icrinc.com

Source: Investcorp Europe Acquisition Corp I

FAQ

What is the compliance status of Investcorp Europe Acquisition Corp I with Nasdaq?

Investcorp Europe Acquisition Corp I is currently under a compliance review by Nasdaq due to the late filing of its 2022 10-K, but it expects to remedy this.

When did Investcorp receive the non-compliance notification from Nasdaq?

Investcorp received the non-compliance notification on April 19, 2023.

What is the deadline for Investcorp to submit its compliance plan to Nasdaq?

The deadline for Investcorp to submit its compliance plan is June 20, 2023.

What could happen if Investcorp fails to regain compliance with Nasdaq?

If Investcorp fails to regain compliance, it may be subject to delisting from Nasdaq, but it has the right to appeal.