Trajectory Alpha Acquisition Corp. Receives Continued Listing Standard Notice from NYSE

Rhea-AI Summary

Trajectory Alpha Acquisition Corp. (NYSE:TCOA) was notified by the New York Stock Exchange on January 12, 2023, of non-compliance concerning the minimum requirement of 300 public stockholders. This notification does not impact the Company’s business operations. TCOA has 45 days to outline a plan to rectify this situation within 18 months, during which its stock will continue to trade on the NYSE. The Company anticipates reaching the required number of stockholders post its initial business combination. Despite this issue, the notification does not affect TCOA's SEC reporting obligations.

Positive

• Company plans to present a business plan to cure stockholder deficiency.
• Expected to meet minimum stockholder requirement after initial business combination.

Negative

• Received notification of non-compliance with NYSE listing standards.

NEW YORK--(BUSINESS WIRE)-- Trajectory Alpha Acquisition Corp. (NYSE:TCOA) (the “Company”) today announced that on January 12, 2023 the Company was notified by the New York Stock Exchange (the “NYSE”) that the Company is not in compliance with the NYSE’s continued listing standard that requires all listed companies to have a minimum of 300 public stockholders on a continuous basis. The NYSE notification has no impact on the Company’s business operations.

Under the NYSE’s rules, the Company has 45 days to present a business plan to the NYSE that demonstrates how the Company intends to cure the deficiency within 18 months of the date of the NYSE notice. During this 18 month period, the Company’s Class A common stock will continue to be traded on the NYSE, subject to the Company’s compliance with other NYSE listing requirements.

The Company will respond to the NYSE to confirm its intent to cure this noncompliance. The Company expects that upon completion of its initial business combination it will have at least 300 public stockholders. The NYSE notification does not affect the Company’s Securities and Exchange Commission reporting requirements.

About Trajectory Alpha Acquisition Corp.

The Company is sponsored by Trajectory Alpha Sponsor LLC, and the Company’s leadership team is led by Peter Bordes, Michael E.S. Frankel and Paul Sethi, who together bring more than 80 years of experience investing in and operating technology-enabled companies. The Company is a blank check company incorporated as a Delaware corporation for the purpose of effecting a merger, consolidation, capital stock exchange, asset acquisition, share purchase, reorganization or business combination with one or more businesses. While the Company may pursue an initial business combination with any company in any industry, the Company’s objective is to identify and work with a disruptive, technology-driven business that leverages its unique intellectual property and proprietary data to develop a sustainable competitive advantage and, in turn, dislodge slower moving incumbents in the target’s selected end markets.

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, 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230119005952/en/

Trajectory Alpha Acquisition Corp.

Peter Bordes

info@trajectorycapital.com

Source: Trajectory Alpha Acquisition Corp.

FAQ

What does the NYSE notification mean for TCOA?

The NYSE notification indicates that Trajectory Alpha Acquisition Corp. does not currently meet the minimum requirement of 300 public stockholders, but it can continue trading while it devises a plan to address this issue.

How long does TCOA have to remedy the NYSE compliance issue?

TCOA has 45 days to submit a plan to the NYSE and 18 months to cure the deficiency.

Will TCOA's stock continue to trade on the NYSE?

Yes, TCOA's stock will continue to be traded on the NYSE as long as the company complies with other listing requirements.

What are the implications of the compliance issue for TCOA's shareholders?

While the compliance issue is concerning, TCOA anticipates that completing its initial business combination will increase the number of public stockholders and resolve the issue.

What actions will TCOA take following the NYSE notification?

TCOA plans to confirm its intent to cure the non-compliance and present a business plan to the NYSE.