Metal Sky Star Acquisition Corporation Announces Receipt of Letter from Nasdaq Regarding Failure to Complete Initial Business Combination
Metal Sky Star Acquisition (MSSA) has received a delisting notice from Nasdaq on April 2, 2025, due to failing to complete an initial business combination within the required 36-month timeframe following its IPO.
The company's securities will be suspended from trading on Nasdaq effective April 9, 2025, including its Ordinary Shares, Units, Rights, and Warrants. A Form 25-NSE will be filed with the SEC to formally remove the securities from Nasdaq listing and registration.
MSSA will not appeal the delisting decision but plans to apply for listing on the OTC market under the same ticker symbols. The company states it is working to complete a business combination and will maintain its status as a reporting entity under the Securities Exchange Act of 1934.
Metal Sky Star Acquisition (MSSA) ha ricevuto un avviso di delisting da Nasdaq il 2 aprile 2025, a causa della mancata conclusione di una combinazione aziendale iniziale entro il termine di 36 mesi richiesto dopo la sua IPO.
Le securities della società saranno sospese dalla negoziazione su Nasdaq a partire dal 9 aprile 2025, comprese le sue Azioni Ordinarie, Unità, Diritti e Warrant. Un modulo 25-NSE sarà presentato alla SEC per rimuovere formalmente le securities dalla quotazione e registrazione su Nasdaq.
MSSA non farà ricorso contro la decisione di delisting, ma prevede di richiedere la quotazione sul mercato OTC sotto gli stessi simboli ticker. La società dichiara di essere al lavoro per completare una combinazione aziendale e manterrà il suo status di entità reportante ai sensi del Securities Exchange Act del 1934.
Metal Sky Star Acquisition (MSSA) ha recibido un aviso de deslistado de Nasdaq el 2 de abril de 2025, debido a no haber completado una combinación empresarial inicial dentro del plazo de 36 meses requerido después de su IPO.
Los valores de la empresa serán suspendidos de la negociación en Nasdaq a partir del 9 de abril de 2025, incluidos sus Acciones Ordinarias, Unidades, Derechos y Warrants. Se presentará un Formulario 25-NSE a la SEC para eliminar formalmente los valores de la lista y registro de Nasdaq.
MSSA no apelará la decisión de deslistado, pero planea solicitar la cotización en el mercado OTC bajo los mismos símbolos ticker. La empresa afirma que está trabajando para completar una combinación empresarial y mantendrá su estatus como entidad reportante bajo la Ley de Intercambio de Valores de 1934.
메탈 스카이 스타 인수 (MSSA)는 2025년 4월 2일 나스닥으로부터 상장 폐지 통지를 받았습니다. 이는 IPO 이후 요구되는 36개월 이내에 초기 사업 결합을 완료하지 못했기 때문입니다.
회사의 증권은 2025년 4월 9일부터 나스닥에서 거래가 중단됩니다, 여기에는 보통주, 유닛, 권리 및 워런트가 포함됩니다. 나스닥 상장 및 등록에서 증권을 공식적으로 제거하기 위해 SEC에 Form 25-NSE가 제출될 것입니다.
MSSA는 상장 폐지 결정에 대해 항소하지 않지만, 동일한 티커 기호 아래에서 OTC 시장에 상장 신청을 할 계획입니다. 회사는 사업 결합을 완료하기 위해 노력하고 있으며 1934년 증권 거래법에 따라 보고하는 엔티티로서의 지위를 유지할 것이라고 밝혔습니다.
Metal Sky Star Acquisition (MSSA) a reçu un avis de radiation de Nasdaq le 2 avril 2025, en raison de l'échec à finaliser une combinaison d'affaires initiale dans le délai requis de 36 mois suivant son introduction en bourse.
Les titres de la société seront suspendus de la négociation sur Nasdaq à partir du 9 avril 2025, y compris ses Actions Ordinaires, Unités, Droits et Warrants. Un formulaire 25-NSE sera déposé auprès de la SEC pour retirer formellement les titres de la cotation et de l'enregistrement de Nasdaq.
MSSA ne fera pas appel de la décision de radiation, mais prévoit de demander une cotation sur le marché OTC sous les mêmes symboles boursiers. La société déclare travailler à finaliser une combinaison d'affaires et maintiendra son statut d'entité déclarant conformément à la loi de 1934 sur les échanges de valeurs mobilières.
Metal Sky Star Acquisition (MSSA) hat am 2. April 2025 eine Delisting-Mitteilung von Nasdaq erhalten, da es versäumt hat, innerhalb des geforderten Zeitrahmens von 36 Monaten nach seinem IPO eine anfängliche Unternehmenszusammenführung abzuschließen.
Die Wertpapiere des Unternehmens werden ab dem 9. April 2025 vom Handel an Nasdaq ausgesetzt, einschließlich der Stammaktien, Einheiten, Rechte und Warrants. Ein Formular 25-NSE wird bei der SEC eingereicht, um die Wertpapiere formell von der Nasdaq-Notierung und -Registrierung zu entfernen.
MSSA wird die Delisting-Entscheidung nicht anfechten, plant jedoch, einen Antrag auf Notierung im OTC-Markt unter denselben Tickersymbolen zu stellen. Das Unternehmen erklärt, dass es daran arbeitet, eine Unternehmenszusammenführung abzuschließen, und seinen Status als berichtspflichtige Einheit gemäß dem Securities Exchange Act von 1934 aufrechterhalten wird.
- Company maintains reporting status and transparency
- Working to complete business combination
- Mandatory delisting from Nasdaq due to failure to complete business combination
- Trading suspension of all securities effective April 9, 2025
- Downgrade to OTC market trading from Nasdaq
Insights
Metal Sky Star Acquisition's delisting from Nasdaq represents a significant negative development that fundamentally alters the company's investment profile. The SPAC failed to execute its core function - completing a business combination within the mandatory 36-month timeframe - triggering automatic delisting procedures under Nasdaq rules.
The transition to OTC markets will likely result in substantially reduced liquidity for shareholders, diminished institutional interest, and access to capital. Trading volumes typically decline by 50-75% following such transitions, while bid-ask spreads widen considerably, increasing transaction costs.
This development is particularly concerning as it signals the SPAC's inability to identify or close a viable acquisition target despite having approximately three years to do so. The pending OTC transition creates substantial uncertainty around the SPAC's redemption mechanics and timeline.
While management indicates they continue pursuing a business combination, historical data suggests the probability of successfully completing one post-delisting is extremely low. Investors should anticipate increased volatility and potentially challenging exit opportunities as the April 9th suspension approaches.
New York, NY, April 04, 2025 (GLOBE NEWSWIRE) -- On April 2, 2025, Metal Sky Star Acquisition Corporation, a Cayman Islands exempted company, (“Metal Sky Star” or the “Company”) received a letter (the “Letter”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that (i) the Staff has determined that the Company’s securities will be delisted from The Nasdaq Stock Market; (ii) trading of the Company’s Ordinary Shares, Units, Rights, and Warrants will be suspended at the opening of business on April 9, 2025; and (iii) 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. Pursuant to Nasdaq Listing Rule IM-5101-2, a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by March 31, 2025, the Company did not comply with IM-5101-2, and its securities are now subject to delisting.
The Company will not appeal Nasdaq’s determination to delist the Company’s securities and accordingly, the Company’s securities will be suspended from trading on Nasdaq at the opening of business on April 9, 2025. The Company intends to apply for the listing of its securities on the OTC market under the same ticker symbols after they are delisted from Nasdaq. The Company is working diligently to complete a business combination as soon as practicable.
The Company will remain a reporting entity under the Securities Exchange Act of 1934, as amended, with respect to continued disclosure of financial and operational information.
About Metal Sky Star Acquisition Corporation
Metal Sky Star Acquisition Corporation is a blank check company formed under the laws of the Cayman Islands for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
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 final prospectus for the offering filed with the 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.
Company Contacts:
Wenxi He
Chairman and Chief Executive Officer
221 River Street, 9th Floor, Hoboken, New Jersey 07030
201-721-8789
Email: olivia@metalskystar.com
FAQ
Why is Metal Sky Star (MSSA) being delisted from Nasdaq in April 2025?
When will MSSA stock stop trading on Nasdaq?
What happens to MSSA shares after the Nasdaq delisting?
Will MSSA continue to provide financial reports after delisting?
