Delisting of Securities of Vicinity Motor Corp.; Bright Green Corporation; Smart for Life, Inc.; Focus Impact Acquisition Corp.; Cactus Acquisition Corp. 1; AltEnergy Acquisition Corp.; Lilium N.V.; APx Acquisition Corp. I; Integral Acquisition Corporation 1; New Providence Acquisition Corp. II from The Nasdaq Stock Market

Rhea-AI Summary

Nasdaq Stock Market (NDAQ) has announced the delisting of securities from multiple companies that were previously suspended from trading. The affected companies include:

• Vicinity Motor Corp. (suspended October 31, 2024)
• Bright Green and Smart for Life Inc. (both suspended September 19, 2024)
• Focus Impact Acquisition Corp. (suspended November 04, 2024)
• Cactus Acquisition Corp. 1 (suspended November 05, 2024)
• AltEnergy Acquisition Corp. (suspended November 05, 2024)
• Lilium NV (suspended November 06, 2024)
• APx Acquisition Corp. I (suspended December 17, 2024)
• Integral Acquisition 1 and New Providence Acquisition Corp. II (both suspended November 11, 2024)

The delisting affects various securities including common stocks, units, warrants, and Class A shares of these companies.

Positive

• Nasdaq's regulatory oversight demonstrates commitment to maintaining listing standards
• Removal of non-compliant companies helps maintain market integrity

Negative

• Mass delisting of 10 companies indicates significant compliance or performance issues with listed entities
• All affected securities have been suspended from trading for several months, impacting market liquidity
• Multiple SPACs included in the delisting suggesting challenges in the SPAC market segment

Insights

Financial Analyst

Nasdaq's announcement of delisting ten previously suspended companies represents standard regulatory enforcement activity rather than a material business development for the exchange operator. The affected companies span various sectors, including electric vehicles, cannabis, food, air mobility, and notably, several Special Purpose Acquisition Companies (SPACs).

This action follows suspensions that occurred between September and December 2024, meaning these securities have already been inactive on the exchange for 3-6 months. The formal delisting process is simply the final administrative step in a sequence that began with the original trading suspensions.

From Nasdaq's business perspective, this represents the exchange fulfilling its regulatory function of maintaining listing standards - a core responsibility that supports market integrity and investor confidence. The financial impact on Nasdaq itself is negligible, as listing fees from these smaller, non-compliant companies would represent an immaterial portion of Nasdaq's $4.3 billion annual revenue.

The exchange routinely removes companies that fail to meet continued listing requirements, which may include minimum bid prices, market capitalization thresholds, financial reporting obligations, or governance standards. While delisting is consequential for the affected companies and their shareholders, for Nasdaq as a market operator, it demonstrates the proper functioning of its compliance mechanisms.

The concentration of SPACs among the delisted entities aligns with the natural lifecycle of these investment vehicles, which must complete acquisitions within specified timeframes or return capital to investors. This enforcement action maintains the quality standards that differentiate Nasdaq from less regulated trading venues.

NEW YORK, March 12, 2025 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market announced today that it will delist the common stock of Vicinity Motor Corp. Vicinity Motor Corp.’s stock was suspended on October 31, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of Bright Green Corporation. Bright Green Corporation’s stock was suspended on September 19, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of Smart for Life, Inc. Smart for Life, Inc.’s stock was suspended on September 19, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the units and warrants of Focus Impact Acquisition Corp. Focus Impact Acquisition Corp.’s securities were suspended on November 04, 2024 and its units and warrants have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the ordinary shares Class A, unit, warrant of Cactus Acquisition Corp 1 Limited. Cactus Acquisition Corp. 1 Limited’s stock was suspended on November 05, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock Class A, unit, warrant of AltEnergy Acquisition Corp. AltEnergy Acquisition Corp.’s stock was suspended on November 05, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A ordinary shares, warrant of Lilium NV. Lilium N.V.’s stock was suspended on November 06, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the ordinary shares Class A, unit, warrant of APx Acquisition Corp I. APx Acquisition Corp. I’s stock was suspended on December 17, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock Class A, warrant, unit of Integral Acquisition Corporation 1. Integral Acquisition Corporation 1’s stock was suspended on November 11, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock Class A, unit, warrant of New Providence Acquisition Corp II. New Providence Acquisition Corp. II’s stock was suspended on November 11, 2024 and has 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

How many companies are being delisted from Nasdaq in March 2025?

10 companies are being delisted from the Nasdaq Stock Market, including Vicinity Motor Corp., Bright Green , and eight other firms.

What types of securities are affected by the March 2025 Nasdaq delisting?

The delisting affects various securities including common stocks, units, warrants, Class A ordinary shares, and Class A common stocks.

When was the earliest suspension date among the delisted companies?

The earliest suspensions occurred on September 19, 2024, affecting both Bright Green and Smart for Life Inc.

What was the most recent trading suspension date among the delisted companies?

APx Acquisition Corp. I had the most recent suspension date of December 17, 2024.

Where can investors find Nasdaq's rules regarding security delistings?

Nasdaq's delisting rules can be found in the Nasdaq Rule 5800 Series on their website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series