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Qomolangma Acquisition Corp. (Nasdaq: QOMO) is a blank check company formed under the laws of the State of Delaware. The primary objective of Qomolangma Acquisition Corp. is to effectuate a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. As a special purpose acquisition company (SPAC), Qomolangma Acquisition Corp. provides an alternative route for private companies to become publicly traded without going through the traditional IPO process.
Recently, Qomolangma Acquisition Corp. faced a compliance challenge as announced on May 14, 2024. The company received a notice from The Nasdaq Stock Market LLC stating that it had not yet filed its Form 10-K for the period ended December 31, 2023, making it non-compliant with Nasdaq Listing Rule 5250(c)(1). This rule mandates timely filing of all required periodic financial reports with the SEC. Although this notice does not immediately affect the listing of the company’s shares on Nasdaq, failure to rectify the issue could lead to delisting.
Under Nasdaq rules, Qomolangma Acquisition Corp. has 60 calendar days to submit a compliance plan. If accepted by Nasdaq, the company could gain up to 180 days from the due date to regain compliance. Should Nasdaq not accept the compliance plan, Qomolangma Acquisition Corp. can appeal to a Nasdaq Hearings Panel. The company is working diligently to file its Form 10-K within the 60-day period, thereby avoiding the need to submit a formal compliance plan.
Qomolangma Acquisition Corp.'s strategic approach and commitment aim to deliver value to its shareholders by identifying and partnering with high-potential businesses. Investors and stakeholders remain hopeful as the company navigates through its compliance challenge, showcasing its resilience and strategic vision.
Qomolangma Acquisition Corp (NASDAQ: QOMO) has announced it will redeem all outstanding public shares effective December 27, 2024, as it failed to complete an initial business combination within the required timeframe. The company will proceed with liquidation and voluntary delisting from Nasdaq.
Shareholders will receive approximately $10.88 per share as redemption payment, reflecting adjustments for dissolution expenses ($50,000), federal taxes ($563,803), and Delaware taxes ($59,172.80). The redemption amount will be paid upon presentation of stock certificates to the transfer agent, Equiniti Trust Company Street name holders need not take action.
CEO Jonathan Myers cited challenging market conditions and the sponsor's inability to fund extension payments as key factors in the decision. The company's warrants will expire worthless, and the sponsor has waived redemption rights for founder shares and private placement warrants.
Qomolangma Acquisition Corp. (QOMO) has received a notice from Nasdaq regarding its failure to file the Form 10-K for the period ending December 31, 2023, on time. This non-compliance with Nasdaq Listing Rule 5250(c)(1) could lead to the delisting of QOMO's shares if not rectified. The company has 60 days to submit a compliance plan to Nasdaq, which could extend the deadline by up to 180 days. Qomolangma expects to file the Form 10-K within the initial 60-day period to avoid further complications.
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