Qomolangma Acquisition Corp. Announces Receipt of Notice from Nasdaq Regarding Filing of Annual Report on Form 10-K

Rhea-AI Summary

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.

Positive

• Qomolangma is actively working to file its Form 10-K within the 60-day period.
• The company's stock listing on Nasdaq is not immediately affected by the current non-compliance notice.

Negative

• Qomolangma failed to file its Form 10-K for the period ending December 31, 2023, on time.
• Non-compliance with Nasdaq Listing Rule 5250(c)(1) could result in the delisting of the company’s stock from Nasdaq.
• The company has only 60 days to submit a plan to regain compliance.
• If the plan is not accepted, Qomolangma’s common stock will face potential delisting.

NEW YORK, May 14, 2024 /PRNewswire/ -- Qomolangma Acquisition Corp. (Nasdaq: QOMO) (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, 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 common stock 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 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 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 Qomolangma Acquisition Corp.

Qomolangma Acquisition Corp. is a blank check company formed under the laws of the State of Delaware 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.

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SOURCE QOMOLANGMA ACQUISITION CORP.

FAQ

What notice did Qomolangma Acquisition Corp. (QOMO) receive from Nasdaq?

Qomolangma received a notice of non-compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to file Form 10-K for the period ending December 31, 2023.

What is the consequence of Qomolangma Acquisition Corp. not filing Form 10-K on time?

The consequence is potential delisting of Qomolangma's shares from Nasdaq if compliance is not regained.

How long does Qomolangma Acquisition Corp. have to regain compliance with Nasdaq Listing Rule 5250(c)(1)?

Qomolangma has 60 calendar days to submit a compliance plan to Nasdaq, which could extend the deadline by up to 180 days.

What will happen if Nasdaq does not accept Qomolangma's compliance plan?

If Nasdaq does not accept the plan, Qomolangma will have the opportunity to appeal the decision to a Nasdaq Hearings Panel.

Will Qomolangma Acquisition Corp. (QOMO) be delisted immediately due to the notice from Nasdaq?

No, the notice has no immediate effect on the listing of Qomolangma's shares on Nasdaq.