Delisting of Securities of OceanTech Acquisitions I Corp.; OCA Acquisition Corp.; Assure Holdings Corp.; Selina Hospitality PLC; Maquia Capital Acquisition Corporation; ToughBuilt Industries, Inc.; SunPower Corporation; Meta Materials Inc.; Talis Biomedical Corporation; and Holdco Nuvo Group D.G Ltd. from The Nasdaq Stock Market

Rhea-AI Summary

The Nasdaq Stock Market (NDAQ) has announced the delisting of securities from ten companies: OceanTech Acquisitions I Corp., OCA Acquisition Corp., Assure Holdings Corp., Selina Hospitality PLC, Maquia Capital Acquisition , ToughBuilt Industries, Inc., SunPower , Meta Materials Inc., Talis Biomedical , and Holdco Nuvo Group D.G These companies' securities were suspended from trading on Nasdaq between January 24, 2024, and September 3, 2024, and have not traded since their respective suspension dates. The delisting affects various types of securities, including common stocks, units, warrants, and ordinary shares. For more information on Nasdaq's delisting rules, investors can refer to the Nasdaq Rule 5800 Series available on the Nasdaq website.

Insights

Financial Analyst

This mass delisting event is a significant red flag for the affected companies and their investors. Delisting from a major exchange like Nasdaq typically occurs due to severe financial distress, regulatory non-compliance, or failure to meet listing requirements. The impact on shareholders is substantial:

• Drastically reduced liquidity and potential difficulty in trading shares
• Loss of institutional investor interest and analyst coverage
• Potential breach of debt covenants tied to listing status
• Increased difficulty in raising capital in the future

Investors should be cautious of the heightened risk associated with these securities and consider the potential for further value erosion. This event underscores the importance of due diligence and diversification in portfolio management.

Market Research Analyst

This mass delisting signals broader market trends and potential systemic issues:

• SPACs under pressure: Several of the delisted companies (OceanTech, OCA, Maquia) are SPACs, reflecting the ongoing challenges in this sector
• Clean energy setback: SunPower's delisting may indicate headwinds in the solar industry
• Tech sector struggles: Meta Materials' delisting could point to challenges in emerging tech
• Biotech volatility: Talis Biomedical's delisting highlights the high-risk nature of biotech investments

This event may lead to increased scrutiny of listing standards and could prompt a regulatory response. Investors should monitor for potential ripple effects across related sectors and reassess their risk tolerance in light of these developments.

Legal Expert

The delisting of these companies raises several legal and regulatory considerations:

• Shareholder rights: Investors may have grounds for legal action if there were material misrepresentations or omissions in company disclosures
• SEC investigations: Delistings often trigger heightened regulatory scrutiny, potentially leading to enforcement actions
• Bankruptcy risk: Some of these companies may be at risk of bankruptcy, which could lead to complex legal proceedings
• Compliance reviews: This event may prompt stricter enforcement of listing standards across the market

Companies and investors should be prepared for potential legal fallout and increased regulatory oversight in the wake of these delistings. It's important for affected parties to seek professional legal advice to understand their rights and obligations in this situation.

NEW YORK, Sept. 18, 2024 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market announced today that it will delist the common stock, units, and warrants of OceanTech Acquisitions I Corp. OceanTech Acquisitions I Corp.’s securities were suspended on January 24, 2024, and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A common stock, units, and warrants of OCA Acquisition Corp. OCA Acquisition Corp.’s securities were suspended on July 23, 2024, and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of Assure Holdings Corp. Assure Holdings Corp.’s securities were suspended on July 24, 2024, and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the ordinary shares and warrants of Selina Hospitality PLC. Selina Hospitality PLC’s securities were suspended on July 29, 2024, and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A common stock, units, and warrants of Maquia Capital Acquisition Corporation. Maquia Capital Acquisition Corporation’s securities were suspended on July 31, 2024, and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of ToughBuilt Industries, Inc. ToughBuilt Industries, Inc.’s securities were suspended on August 9, 2024, and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of SunPower Corporation. SunPower Corporation’s securities were suspended on August 16, 2024, and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of Meta Materials Inc. Meta Materials Inc.’s securities were suspended on August 21, 2024, and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of Talis Biomedical Corporation. Talis Biomedical Corporation’s securities were suspended on September 3, 2024, and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the ordinary shares and warrants of Holdco Nuvo Group D.G Ltd. Holdco Nuvo Group D.G Ltd.’s securities were suspended on September 3, 2024, and have not traded on Nasdaq since that time.

For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. Nasdaq’s rules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.

FAQ

Which companies are being delisted from Nasdaq as of September 18, 2024?

Nasdaq (NDAQ) announced the delisting of securities from ten companies: OceanTech Acquisitions I Corp., OCA Acquisition Corp., Assure Holdings Corp., Selina Hospitality PLC, Maquia Capital Acquisition , ToughBuilt Industries, Inc., SunPower , Meta Materials Inc., Talis Biomedical , and Holdco Nuvo Group D.G

When were the securities of the delisted companies suspended from trading on Nasdaq (NDAQ)?

The securities of the delisted companies were suspended from trading on Nasdaq between January 24, 2024, and September 3, 2024, depending on the specific company.

What types of securities are being delisted from Nasdaq (NDAQ) in this announcement?

The delisting affects various types of securities, including common stocks, units, warrants, and ordinary shares of the ten companies mentioned in the announcement.

Where can investors find information about Nasdaq's (NDAQ) rules for delisting securities?

Investors can find information about Nasdaq's delisting rules in the Nasdaq Rule 5800 Series, available on the Nasdaq website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.