Southland Announces Efforts to Address Halt of Trading
On February 14, 2023, Southland Holdings consummated its Business Combination as per the Merger Agreement dated May 25, 2022. Following this merger, trading of Southland’s securities on Nasdaq was halted pending additional information related to Nasdaq's listing requirements. Southland is in communication with Nasdaq to resolve this and expects its trading symbols to be updated to 'SLND' for common stock and 'SLNDW' for warrants by February 16, 2023. If Southland fails to meet listing requirements, it may face delisting but plans to appeal any negative decisions. Southland is a prominent infrastructure construction services provider in North America.
- Successful consummation of Business Combination with Southland Holdings LLC.
- Active communication with Nasdaq to resolve trading issues.
- Expected updates to trading symbols to 'SLND' for common stock and 'SLNDW' for warrants.
- Trading of Southland's securities halted due to pending information requested by Nasdaq.
- Risk of potential delisting if Nasdaq finds Southland does not meet listing requirements.
GRAPEVINE, Texas, Feb. 15, 2023 (GLOBE NEWSWIRE) -- As previously disclosed, on February 14th, 2023, Southland Holdings, Inc. (“Southland”) consummated the transactions contemplated by the Agreement and Plan of Merger, dated as of May 25, 2022 (the “Merger Agreement”), by and among Southland, Southland Holdings LLC and Legato Merger Sub, Inc. (the “Business Combination”). In connection with the Business Combination, Southland is required to meet certain listing requirements pursuant to the rules (the “Nasdaq Rules”) of The Nasdaq Stock Market LLC (“Nasdaq”).
Following the Business Combination, trading in Southland’s securities on Nasdaq was halted pending receipt of additional information that has been requested by Nasdaq prior to the consummation of the Business Combination. Such additional information relates to Southland meeting certain listing requirements pursuant to the Nasdaq Rules. Southland believes that it meets all listing requirements pursuant to the Nasdaq Rules and is actively communicating with Nasdaq representatives to provide all additional information requested and to take all actions necessary to enable the resumption of trading in the company’s securities on Nasdaq. Nasdaq representatives have informed Southland that the trading symbols for the company’s common stock and warrants are expected to be updated to “SLND” and “SLNDW,” respectively, by February 16th, 2023.
In the event that Nasdaq determines that Southland does not meet all listing requirements pursuant to the Nasdaq Rules, Southland may receive a notice of delisting from Nasdaq. If such a notice is received, Southland intends to request a hearing before the Nasdaq Hearings Panel to appeal any delisting determination.
About Southland
Southland is a leading provider of specialized infrastructure construction services across North America including bridges, tunneling, transportation and facilities, marine, steel structures, water and wastewater treatment, and water pipeline end markets. With roots dating back to 1900, Southland and its subsidiaries form one of the largest infrastructure construction companies in North America, with experience throughout the world. Southland is headquartered in Grapevine, Texas.
On February 14th , 2023, Southland consummated the Business Combination contemplated by the Merger Agreement. Pursuant to the terms of the Merger Agreement, a subsidiary of Southland merged with and into Southland Holdings LLC, with Southland Holdings LLC surviving the merger as a wholly-owned subsidiary of Southland. The Southland Holdings LLC management team remained in place upon the closing of the Business Combination. At such time, Southland (formerly known as Legato Merger Corp. II) changed its name changed to Southland Holdings, Inc.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Southland’s current beliefs, expectations and assumptions regarding the future of Southland’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Southland’s control. Southland’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.
Any forward-looking statement made by Southland in this press release is based only on information currently available to Southland and speaks only as of the date on which it is made. Southland undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Southland Contacts:
Cody Gallarda
EVP, Chief Financial Officer
cgallarda@southlandholdings.com
Alex Murray
Corporate Development & Investor Relations
amurray@southlandholdings.com
FAQ
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