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Relativity Acquisition Corp. - RACY STOCK NEWS

Welcome to our dedicated page for Relativity Acquisition news (Ticker: RACY), a resource for investors and traders seeking the latest updates and insights on Relativity Acquisition stock.

Relativity Acquisition Corp. (Nasdaq: RACY) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC), sponsored by Relativity Acquisition Sponsor LLC. Established with the objective of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or a similar business combination, Relativity Acquisition Corp. is strategically positioned to identify and partner with promising businesses.

The company primarily focuses on the legalized cannabis industry, encompassing various related sectors such as consumer packaged goods, health & wellness, technology, pharmaceuticals, manufacturing, distribution, logistics, and brand management. This broad focus allows Relativity Acquisition Corp. to explore diverse opportunities within a rapidly evolving market.

In recent developments, Relativity Acquisition Corp. faced a significant challenge as it received delisting determination letters from the Nasdaq Listing Qualifications staff. The first letter was issued due to non-compliance with Listing Rule 5250(f), related to the payment of all applicable fees, with an assessed fee balance of $81,000. Subsequently, an additional delisting determination was made based on the company’s failure to comply with Listing Rule 5250(c)(1), which requires the timely filing of periodic financial reports.

Despite these setbacks, the company remains committed to its mission and continues to explore potential business combinations. The company's management team is actively engaged in addressing the issues highlighted by Nasdaq and aims to restore compliance to ensure the continued listing of its securities.

Contact Information:
Tarek Tabsh, Chief Executive Officer
Email: info@relativityacquisitions.com
Phone: (888) 710-4420
Website: www.relativityacquisitions.com

For press inquiries, please contact:
Rosie, Press Inquiries
Email: rosie@mattio.com

Rhea-AI Summary

Relativity Acquisition Corp. (Nasdaq: RACY) received a delisting determination from Nasdaq due to non-compliance with filing periodic financial reports, specifically the Form 10-K for 2023.

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Relativity Acquisition Corp. (Nasdaq: RACY) announced the receipt of a Nasdaq delisting determination due to non-compliance with fee payment requirements. The company's securities face delisting from The Nasdaq Stock Market due to an unpaid past due balance of assessed fees amounting to $81,000.

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Relativity Acquisition Corp. (Nasdaq: RACY) has extended the deadline for a business combination to February 15, 2024, depositing $1,000.00 into its trust account for public stockholders. The extension provides additional time to complete the business combination with SVES, an off-price apparel distribution company based in Florida.
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Relativity Acquisition Corp. submits draft registration statement for business combination with SVES LLC
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Relativity Acquisition Corp. has extended the date for its business combination to November 15, 2023. $1,000.00 has been deposited into its trust account for stockholders. The proposed transaction with SVES LLC is expected to close, forming the Combined Company SVES, Inc.
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SVES has entered into a business combination agreement with Relativity Acquisition Corp. (NASDAQ: RACY). The merger, which is expected to close in Q3 2023, will create a new company named SVES, Inc., with an implied pro forma enterprise value of approximately $707.25 million. SVES, an off-price apparel distribution leader, connects full-price brands with off-price retailers, optimizing inventory sales. The merger will enhance capital access, supporting growth in the high-demand retail sector. The current management team will remain in place, aiming to capitalize on the business model's synergies for future expansion.

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Relativity Acquisition Corp. (Nasdaq: RACY) announced that it received a determination letter from Nasdaq indicating non-compliance with multiple Listing Rules due to insufficient market capitalization and publicly held shares. The letter also raises concerns about the company's compliance with total holder requirements amid significant shareholder redemptions, totaling over 14 million shares in December 2022. The company has requested a hearing to appeal the delisting decision, which will temporarily suspend any immediate actions until a panel decision is made. The outcome remains uncertain, potentially affecting share trading and compliance status.

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Relativity Acquisition Corp. (Nasdaq: RACYU) announced that starting April 4, 2022, investors can separately trade shares of its Class A common stock and warrants from the initial 14,375,000 units sold during its February IPO. The stocks will be traded under the symbols 'RACY' and 'RACYW' on the Nasdaq Capital Market, while unseparated units will continue to trade as 'RACYU.' This move allows for increased flexibility and potential liquidity for investors.

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Relativity Acquisition Corp. successfully closed its IPO on February 15, 2022, offering 14,375,000 units at $10 each. Each unit includes one share of common stock and one warrant to purchase an additional share at $11.50. The units trade on NASDAQ under the symbol 'RACYU.' The funds from this IPO will be used for future mergers or acquisitions, primarily targeting businesses in the legalized cannabis sector. The offering was managed by A.G.P./Alliance Global Partners, with additional support from Brookline Capital Markets.

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Relativity Acquisition Corp. announced its initial public offering (IPO) pricing on February 10, 2022, offering 12.5 million units at $10.00 each. Each unit comprises one share of common stock and one redeemable warrant, permitting purchases at $11.50 per share. Trading will commence on NASDAQ under the ticker symbol 'RACYU' on February 11, 2022, with closing expected on February 15, 2022. The company aims to focus on mergers and acquisitions within the legalized cannabis sector, backed by a team with extensive industry experience.

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FAQ

What is the market cap of Relativity Acquisition (RACY)?

The market cap of Relativity Acquisition (RACY) is approximately 54.0M.

What is Relativity Acquisition Corp.?

Relativity Acquisition Corp. is a blank check company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.

What industry does Relativity Acquisition Corp. focus on?

The company focuses on the legalized cannabis industry, including related sectors such as consumer packaged goods, health & wellness, technology, pharmaceuticals, manufacturing, distribution, logistics, and brand management.

Who sponsors Relativity Acquisition Corp.?

The company is sponsored by Relativity Acquisition Sponsor LLC, a Delaware limited liability company.

Why did Relativity Acquisition Corp. receive a delisting determination from Nasdaq?

The company received a delisting determination due to non-compliance with Nasdaq's listing rules, specifically for unpaid assessed fees and failure to file required periodic financial reports on time.

What steps is the company taking to address the delisting issue?

The company's management team is actively working to address the issues highlighted by Nasdaq and aims to restore compliance to ensure the continued listing of its securities.

Who can I contact for more information about Relativity Acquisition Corp.?

For more information, you can contact Tarek Tabsh, Chief Executive Officer, at info@relativityacquisitions.com or call (888) 710-4420.

Where can I find the latest news about Relativity Acquisition Corp.?

You can find the latest news and updates on the company's website at www.relativityacquisitions.com.

Who should I contact for press inquiries?

For press inquiries, you can contact Rosie at rosie@mattio.com.

What are forward-looking statements?

Forward-looking statements are projections or statements about future events or the company's future performance. They are based on management’s current expectations and assumptions.

Is there any recent financial information available for Relativity Acquisition Corp.?

The company has faced issues with timely filing its financial reports, contributing to its delisting determination by Nasdaq. Efforts are being made to address these compliance issues.

Relativity Acquisition Corp.

Nasdaq:RACY

RACY Rankings

RACY Stock Data

54.04M
1.25M
71.67%
9.8%
0.09%
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