Metal Sky Star Acquisition Corporation Announces Receipt of Notice from Nasdaq Regarding Filing of Annual Report on Form 10-K

Rhea-AI Summary

Metal Sky Star Acquisition (Nasdaq: MSSA) has received a notice from Nasdaq due to its failure to file its Form 10-K for the period ending December 31, 2023, and Form 10-Q for the period ending March 31, 2024. This non-compliance with Nasdaq Listing Rule 5250(c)(1) has no immediate effect on the company's listing. MSSA has 60 days to submit a compliance plan, which, if accepted by Nasdaq, could extend the deadline by up to 180 days. The company aims to file the required forms within the 60-day period, eliminating the need for a formal compliance plan.

Positive

• The notice from Nasdaq has no immediate effect on the listing of MSSA shares.
• The company has an opportunity to submit a compliance plan within 60 days.
• If accepted, MSSA could have up to 180 days to regain compliance.
• MSSA is working diligently to file the required forms within the 60-day period.

Negative

• Failure to file Form 10-K and Form 10-Q on time indicates potential administrative or financial issues.
• Non-compliance with Nasdaq Listing Rule 5250(c)(1) could lead to delisting if not resolved.
• The necessity to submit a compliance plan indicates significant delays in financial reporting.

New York, NY, June 06, 2024 (GLOBE NEWSWIRE) -- Metal Sky Star Acquisition Corporation. (Nasdaq: MSSA) (the “Company”) announced that it has received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company has not yet filed its Form 10-K for the period ended December 31, 2023 and its Form 10-Q for the period ended March 31, 2024, the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).

This notification has no immediate effect on the listing of the Company’s shares on Nasdaq. However, if the Company fails to timely regain compliance with the Nasdaq Listing Rule, the Company’s securities will be subject to delisting from Nasdaq.

Under Nasdaq rules, the Company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-K and From 10-Q to regain compliance. 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.

The Company is working diligently and expects to file its Form 10-K and 10-Q within the 60-day period described above, which would eliminate the need for the Company to submit a formal plan to regain compliance.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

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
132 West 31st Street, 9th Floor
(332) 237-6141
Email: Olivia.he@gmail.com

Source: Metal Sky Star Acquisition Corporation

FAQ

What notice did Metal Sky Star Acquisition receive from Nasdaq?

MSSA received a notice from Nasdaq for not filing its Form 10-K and Form 10-Q on time.

How does the notice from Nasdaq affect MSSA's stock listing?

The notice has no immediate effect on MSSA's stock listing.

What are the consequences if MSSA fails to comply with Nasdaq Listing Rule 5250(c)(1)?

If MSSA fails to comply, its securities will be subject to delisting from Nasdaq.

How much time does MSSA have to submit a compliance plan to Nasdaq?

MSSA has 60 days to submit a compliance plan to Nasdaq.

What extension can MSSA receive if its compliance plan is accepted by Nasdaq?

MSSA could receive an extension of up to 180 days to regain compliance.

What are MSSA's plans to address the notice from Nasdaq?

MSSA plans to file the required forms within the 60-day period to avoid submitting a formal compliance plan.