Relativity Acquisition Corp. Announces Receipt of Nasdaq Delisting Determination

Rhea-AI Summary

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.

Positive

• None.

Negative

• The delisting determination by Nasdaq due to non-compliance with fee payment requirements poses a significant risk to the company's stock performance and investor confidence.

Insights

Financial Analyst

The delisting of Relativity Acquisition Corp. from Nasdaq due to unpaid fees hints at potential financial distress or oversight issues within the company. Delisting can severely limit a company's ability to raise capital and can be seen as a warning signal to investors. This situation warrants a meticulous review of the company's financial health, including liquidity positions and cash flow statements, to gauge its ability to meet obligations and fund operations.

Market Analyst

A delisting event typically precipitates a loss of investor confidence, which can lead to a decline in stock price due to the perceived increase in investment risk. It's important to assess market sentiment and investor reactions to the news, as these will play a significant role in the short-term price movement of the company's stock. Furthermore, analyzing peer companies that have faced similar situations can provide insight into potential long-term outcomes for Relativity Acquisition Corp.

NEW YORK, NY,, April 29, 2024 (GLOBE NEWSWIRE) -- Relativity Acquisition Corp. (Nasdaq: RACY) (the “Company”) today announced that, on April 23, 2024, the Company received a determination letter (the “Letter”) from the Nasdaq Listing Qualifications staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that Staff had determined to delist the Company’s securities from The Nasdaq Stock Market. The Staff’s determination was based upon the Company’s non-compliance with the requirements set forth in Listing Rule 5250(f), requiring the payment of all applicable fees as described in the Rule 5900 series. The Staff’s determination was based on the Company’s unpaid past due balance of assessed fees of $81,000.

About Relativity Acquisition Corp.

Relativity Acquisition Corp. is a blank check company sponsored by Relativity Acquisition Sponsor LLC, a Delaware limited liability company, formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on businesses in the legalized cannabis industry, including related industries such as consumer packaged goods, health & wellness, technology, pharmaceuticals, manufacturing, distribution, logistics and brand management.

Forward-Looking Statements
This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. 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 prospectus for the Company’s initial public offering and the Company’s annual or quarterly reports or proxy statement filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Email: info@relativityacquisitions.com

Website: www.relativityacquisitions.com

FAQ

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

Relativity Acquisition Corp. received a Nasdaq delisting determination due to non-compliance with fee payment requirements, specifically the payment of assessed fees.

What is the reason for the Nasdaq delisting determination for RACYU stock?

The Nasdaq delisting determination for RACYU stock is based on the company's unpaid past due balance of assessed fees amounting to $81,000.

How might the Nasdaq delisting determination impact Relativity Acquisition Corp.?

The Nasdaq delisting determination poses a risk to the company's stock performance and investor confidence, potentially leading to adverse consequences for Relativity Acquisition Corp.

Is Relativity Acquisition Corp. facing delisting from The Nasdaq Stock Market?

Yes, Relativity Acquisition Corp. faces delisting from The Nasdaq Stock Market as per the determination by Nasdaq Listing Qualifications staff.

What is the amount of the unpaid past due balance that led to the Nasdaq delisting determination for Relativity Acquisition Corp.?

The unpaid past due balance of assessed fees that led to the Nasdaq delisting determination for Relativity Acquisition Corp. is $81,000.