Rigel Resource Acquisition Corp Announces Receipt of NYSE Delisting Notice
Rigel Resource Acquisition Corp (NYSE: RRAC) has received a delisting notice from the NYSE effective November 5, 2024, due to exceeding the three-year limit for SPACs to complete a business combination post-IPO. The company's securities will transition to trading on the OTC Pink Market. Despite this development, Rigel's planned business combination with Blyvoor Gold Resources continues, with expectations to list the resulting entity, Aurous Resources, on NASDAQ upon completion. Shareholders have approved extending the deadline for completing the business combination to May 9, 2025.
Rigel Resource Acquisition Corp (NYSE: RRAC) ha ricevuto una notifica di delisting dalla NYSE, efficace dal 5 novembre 2024, a causa del superamento del limite di tre anni per le SPAC per completare una combinazione aziendale post-IPO. I titoli della società passeranno a essere negoziati sul OTC Pink Market. Nonostante questo sviluppo, la combinazione aziendale pianificata da Rigel con Blyvoor Gold Resources continua, con l'aspettativa di quotare l'entità risultante, Aurous Resources, su NASDAQ al termine del processo. Gli azionisti hanno approvato l'estensione della scadenza per completare la combinazione aziendale al 9 maggio 2025.
Rigel Resource Acquisition Corp (NYSE: RRAC) ha recibido un aviso de deslistado de la NYSE con efecto a partir del 5 de noviembre de 2024, debido a haber superado el límite de tres años que tienen las SPAC para completar una combinación empresarial después de la OPI. Los valores de la empresa pasarán a cotizar en el OTC Pink Market. A pesar de este desarrollo, la combinación empresarial planeada por Rigel con Blyvoor Gold Resources continúa, con expectativas de listar la entidad resultante, Aurous Resources, en NASDAQ una vez completado. Los accionistas han aprobado la extensión del plazo para completar la combinación empresarial hasta el 9 de mayo de 2025.
리겔 자원 인수 주식회사 (NYSE: RRAC)는 IPO 후 SPAC이 사업 결합을 완료하는 데 필요한 3년 한도를 초과하여 2024년 11월 5일부터 NYSE에서 상장 폐지 통지를 받았습니다. 회사의 증권은 OTC 핑크 마켓에서 거래될 예정입니다. 이러한 발전에도 불구하고 리겔의 블리부어 골드 리소스와의 사업 결합 계획은 계속되며, 완료 시 결과 엔티티인 아우로스 리소스가 NASDAQ에 상장될 것으로 기대하고 있습니다. 주주들은 사업 결합 완료 기한을 2025년 5월 9일까지 연장하는 것을 승인했습니다.
Rigel Resource Acquisition Corp (NYSE: RRAC) a reçu un avis de radiation de la NYSE, effectif à partir du 5 novembre 2024, en raison du dépassement de la limite de trois ans pour les SPAC afin de réaliser une combinaison d'affaires après l'introduction en bourse. Les titres de la société passeront à la cotation sur le OTC Pink Market. Malgré ce développement, la combinaison d'affaires prévue entre Rigel et Blyvoor Gold Resources se poursuit, avec l'espoir de coter l'entité résultante, Aurous Resources, sur le NASDAQ une fois le processus achevé. Les actionnaires ont approuvé l'extension de la date limite pour finaliser la combinaison d'affaires jusqu'au 9 mai 2025.
Rigel Resource Acquisition Corp (NYSE: RRAC) hat eine Abmeldung von der NYSE erhalten, die ab dem 5. November 2024 wirksam wird, da die Drei-Jahres-Frist für SPACs zur Durchführung einer Unternehmenszusammenführung nach dem Börsengang überschritten wurde. Die Wertpapiere des Unternehmens werden auf dem OTC Pink Market gehandelt. Trotz dieser Entwicklung setzt Rigels geplante Unternehmenszusammenführung mit Blyvoor Gold Resources fort, mit der Erwartung, die resultierende Einheit, Aurous Resources, nach Abschluss an der NASDAQ zu listen. Die Aktionäre haben zugestimmt, die Frist für den Abschluss der Unternehmenszusammenführung bis zum 9. Mai 2025 zu verlängern.
- Planned business combination with Blyvoor Gold Resources remains on track
- Expected NASDAQ listing for post-merger entity Aurous Resources
- Shareholders approved extension of business combination deadline to May 9, 2025
- Delisting from NYSE effective November 5, 2024
- Downgrade to OTC Pink Market trading
- Failed to complete business combination within NYSE's three-year SPAC requirement
Insights
The NYSE delisting of RRAC represents a significant development for this SPAC, though not necessarily negative given the planned transition. The company has already secured a merger agreement with Blyvoor Gold Resources and plans to list on NASDAQ post-combination as Aurous Resources. The key points to consider are:
- The delisting is procedural due to exceeding the 3-year NYSE listing limit for SPACs
- Trading will continue on the OTC Pink Market, maintaining liquidity for investors
- Shareholders have approved an extension until May 2025 to complete the business combination
- The F-4 registration for the Blyvoor merger is in process
The temporary move to OTC markets should have minimal impact on the planned NASDAQ listing, provided Aurous Resources meets the initial listing requirements. Investors should focus on the progress of the Blyvoor merger rather than this technical delisting.
The NYSE determined to take these actions because Sections 102.06e and 802.01B of the NYSE’s Listed Company Manual do not permit a special purpose acquisition company, such as the Company, to remain listed for more than three years after the company’s initial public offering without completing an initial business combination.
Following the suspension of trading on the NYSE, the Securities are expected to trade on the OTC Pink Market.
As previously announced, on March 11, 2024, Rigel entered into a definitive business combination agreement with Blyvoor Gold Resources Proprietary Limited and Blyvoor Gold Operations Proprietary Limited and Rigel expects that the ordinary shares and warrants of the resulting post-closing entity (“Aurous Resources”) will be listed on NASDAQ at the closing of the resulting business combination. The Company does not currently expect the delisting of the Securities from the NYSE to preclude Aurous Resources’ from receiving approval from NASDAQ at the closing, subject to Aurous Resources’ ability to meet NASDAQ’s initial listing requirements at the time.
As previously announced, Aurous Resources has filed a registration statement on Form F-4 and subsequent amendments thereto with the
As previously announced, on August 9, 2024, Rigel shareholders approved an amendment to Rigel’s Amended and Restated Articles of Association to extend the date by which Rigel must either (i) consummate an initial business combination or (ii) cease its operations and redeem all of the outstanding Class A Ordinary Shares, to May 9, 2025.
About Rigel Resource Acquisition Corp
Rigel Resource Acquisition Corp is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the Company’s expectations for the Securities to trade on the OTC Pink Market, the closing of the initial business combination and the listing of Aurous Resources’ securities on NASDAQ at the closing of the initial business combination. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105158738/en/
Company Contact:
Rigel Resource Acquisition Corp
info@rigelresource.com
Source: Rigel Resource Acquisition Corp
FAQ
Why is Rigel Resource Acquisition Corp (RRAC) being delisted from NYSE?
When will RRAC's delisting from NYSE take effect?
Where will RRAC securities trade after NYSE delisting?
What is RRAC's new deadline for completing a business combination?
