Metals Acquisition Corp. Receives Noncompliance Notification from the New York Stock Exchange Due to Failure to Maintain a Minimum of 300 Public Stockholders on a Continuous Basis

Rhea-AI Summary

Metals Acquisition Corp. (NYSE: MTAL) announced it received a notification from the NYSE on December 2, 2021, indicating non-compliance with Section 802.01B due to having fewer than 300 public stockholders. The Company has 45 days to submit a compliance plan to address this issue within 18 months. Failure to comply may lead to suspension or delisting. The Company is actively working towards meeting the minimum requirement to maintain its listing.

Positive

• Company is proactively working to meet the NYSE requirement of 300 public stockholders.
• A compliance plan aims to restore adherence to NYSE standards within 18 months.

Negative

• Currently below the required minimum of 300 public stockholders, risking delisting from the NYSE.
• Facing potential suspension and delisting procedures if the compliance plan is not accepted.

FORT WORTH, Texas--(BUSINESS WIRE)-- Metals Acquisition Corp. (NYSE: MTAL.U) (the “Company”) announced it had received a notification dated December 2, 2021 from the New York Stock Exchange (the “NYSE”) informing the Company that, because the number of public stockholders is less than 300, the Company is not in compliance with Section 802.01B of the NYSE Listed Company Manual (the “Listing Rule”). The Listing Rule requires the Company to maintain a minimum of 300 public stockholders on a continuous basis. The NYSE notification letter specifies that the Company has 45 days (the “Compliance Plan Due Date”) to submit a plan that demonstrates how the Company expects to return to compliance with the Listing Rule within 18 months of receipt of the notice. The business plan will be reviewed by the Listings Operations Committee (the “Committee”) of the NYSE. The Committee will either accept the plan, at which time the Company will be subject to quarterly monitoring for compliance with this business plan, or the Committee will not accept the business plan and the Company will be subject to suspension and delisting procedures.

The Company is working diligently to provide evidence of its meeting the minimum 300 public stockholders within 18 months.

About the Company

The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on businesses in the metals and mining sector, including both upstream and downstream businesses, but excluding coal.

Forward-Looking Statements

This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including with respect to the anticipated separate trading of the Company’s Class A ordinary shares and redeemable warrants and the pursuit of an initial business combination. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. 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 prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211208005785/en/

Metals Acquisition Corp.

Mick McMullen

Chief Executive Officer

+1 (817) 698-9901

investors@metalsacqcorp.com

Source: Metals Acquisition Corp.

FAQ

What did Metals Acquisition Corp. announce on December 2, 2021?

Metals Acquisition Corp. announced it received a notification from the NYSE regarding non-compliance with the requirement of having at least 300 public stockholders.

What is the stock symbol for Metals Acquisition Corp.?

The stock symbol for Metals Acquisition Corp. is MTAL.

What happens if Metals Acquisition Corp. does not submit a compliance plan?

If Metals Acquisition Corp. does not submit a compliance plan, it may face suspension and delisting from the NYSE.

How long does Metals Acquisition Corp. have to comply with the NYSE Listing Rule?

Metals Acquisition Corp. has 45 days to submit a compliance plan and 18 months to meet the minimum requirement.

What will happen once Metals Acquisition Corp. submits its compliance plan?

The NYSE's Listings Operations Committee will review the plan and decide whether to accept it; acceptance means quarterly monitoring for compliance.