Welcome to our dedicated page for Relativity Acquisition news (Ticker: RACYW), a resource for investors and traders seeking the latest updates and insights on Relativity Acquisition stock.
The RACYW news page focuses on developments related to the warrants of Relativity Acquisition Corp. and the company’s broader corporate actions. Relativity Acquisition Corp. is a blank check company formed to pursue a business combination with one or more businesses, and its public communications describe an intended focus on opportunities in the legalized cannabis industry and related sectors. Because the RACYW warrants are tied to the company’s common stock, news about Relativity’s listing status, proposed transactions and regulatory filings is directly relevant to warrant holders and prospective investors.
News coverage includes announcements about Relativity Acquisition Corp.’s initial public offering of units, in which each unit consisted of one share of common stock and one redeemable warrant. These releases explain that, once the units began separate trading, the common stock traded under the symbol RACY and the warrants under the symbol RACYW on The Nasdaq Global Market. Subsequent news highlights the company’s efforts to identify and complete a business combination, including the signing of a definitive business combination agreement with SVES, an off-price apparel distribution company based in Florida.
Investors following RACYW-related news will also find updates on extensions of Relativity Acquisition Corp.’s deadline to complete a business combination, as described in company announcements that detail deposits into its trust account in connection with each extension. In addition, several releases discuss Nasdaq listing determinations, including decisions to delist the company’s securities based on non-compliance with listing standards and fee payment requirements, as well as references to trading halts and hearing requests before a Nasdaq Hearings Panel.
Regulatory and financial reporting developments also appear in the news flow, such as disclosures about material errors in the presentation of cash flows in prior financial statements and the identification of a material weakness in internal control over financial reporting. By reviewing this news page, readers can track how these corporate, listing and regulatory events relate to the underlying company whose warrants trade under the symbol RACYW.
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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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.
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.
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.
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.
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.
