공시 • Nov 14
Atlantic Coastal Acquisition Corp. II(NasdaqGM:ACAB) dropped from NASDAQ Composite Index Atlantic Coastal Acquisition Corp. II has been removed from NASDAQ Composite Index (^COMP) . 공시 • Oct 22
Atlantic Coastal Acquisition Corp. II Provides Non-Compliance Update As previously disclosed, on April 18, 2024, Atlantic Coastal Acquisition Corp. II received notice from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company has failed to maintain a minimum market value of publicly held shares of $15,000,000 for the 30 consecutive trading day such date, as required under Nasdaq Listing Rule 5450(b)(2)(C) (the “Market Value of Publicly Held Shares Requirement”). Additionally, on July 31, 2024, the company received an notice from Nasdaq informing the company that the company have failed to comply with Nasdaq Listing Rule 5450(a)(2), which requires a minimum of 400 unrestricted round lot holders (with at least 50% of such holders holding unrestricted securities) of listed securities (the “Total Holders Requirement” and, together with the Market Value of Publicly Held Shares Requirements, the “Nasdaq Deficiencies”). As previously disclosed, the Company was granted a compliance period to cure the Nasdaq Deficiencies no later than October 15, 2024. The Company expected, and still expects, the Nasdaq Deficiencies to be cured as a result of its previously announced proposed business combination (the “Business Combination”) with Abpro Corporation (“Abpro”). On October 16, 2024, the company received a delisting determination letter (“Delisting Determination Letter”) from Nasdaq notifying that the company failed to regain compliance with the Nasdaq Deficiencies by the expiration of the October 15, 2024 compliance period referenced above. Additionally, the Delisting Determination Letter also noted that, as of September 10, 2024, the company failed to meet the minimum requirement of 750,000 publicly held shares of listed common stock under Nasdaq Listing Rule 5450(b)(1)(B). The Delisting Determination Letter states that unless the company request a hearing before a Nasdaq Hearing Panel (“Panel”) by October 23, 2024, trading of common stock and warrants would be suspended. The company intend to request a hearing before the Panel prior to October 23, 2024, and such request for a hearing will automatically stay any suspension/delisting action by Nasdaq at least until the hearing process concludes and any extension granted by the Panel expires. The company expects that it will regain compliance with each of the foregoing Nasdaq listing rules upon the closing of the Business Combination. 공시 • Aug 15
Atlantic Coastal Acquisition Corp. II announced delayed 10-Q filing On 08/14/2024, Atlantic Coastal Acquisition Corp. II announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 공시 • Aug 07
Atlantic Coastal Acquisition Corp. II Receives Non-Compliance Notice from the Nasdaq Stock Market LLC On July 31, 2024, Atlantic Coastal Acquisition Corp. II (the Company") received notice (the Notice") from the Nasdaq Stock Market LLC (Nasdaq") indicating that the Company was not in compliance with Nasdaq's Listing Rule 5450(a) because the Company has failed to maintain a minimum of 400 holders of record and/or beneficial owners for its primary equity securities listed on The Nasdaq Global Market, as required under the Nasdaq continued listing standards for The Nasdaq Global Market. Under Nasdaq Listing Rules, the Company has 45 calendar days to submit a plan to regain compliance with Listing Rule 5450(a) and may be granted up to 180 calendar days from the date of the Notice to regain compliance therewith. The Company plans to submit its plan of compliance to Nasdaq within the required timeframe. 공시 • Jun 08
Atlantic Coastal Acquisition Corp. II Receives Notice from the Nasdaq Stock Market LLC Due to Non-Compliance with Nasdaq’s Continued Listing Standards as Set Forth in Listing Rule 5250(c)(1) Atlantic Coastal Acquisition Corp. II (the ‘Company’) previously filed a Form 12b-25 (the ‘Form 12b-25’) with the Securities and Exchange Commission on May 15, 2024 to extend the due date for the filing of its quarterly report on Form 10-Q for the quarter ended March 31, 2024 (the ‘Report’). The Form 12b-25 disclosed that the Report was unable to be filed on time because the Company required additional time to finalize its financial statements. Subsequently, on June 3, 2024, the Company received notice (the ‘Notice’) from the Nasdaq Stock Market LLC (‘Nasdaq’) that the Company was not in compliance with Nasdaq’s continued listing standards (the ‘Listing Rules’) as set forth in Listing Rule 5250(c)(1) given the Company’s failure to timely file the Report. Such further delay in filing the Report past the deadline set forth in the Form 12b-25 is in connection with additional time required to finalize the Company’s financial statements. Consistent with the Listing Rules, the Company has 60 calendar days from the date of the Notice to provide Nasdaq with a specific plan to achieve and sustain compliance with the Listing Rules. The Company is working diligently to finalize its financial statements to be included in the Report and expects to file the Report in the coming weeks. 공시 • May 17
Atlantic Coastal Acquisition Corp. II announced delayed 10-Q filing On 05/15/2024, Atlantic Coastal Acquisition Corp. II announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Board Change • May 07
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. CEO & Chairman of the Board Shahraab Ahmad is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Apr 28
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. CEO & Chairman of the Board Shahraab Ahmad is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 공시 • Apr 25
Atlantic Coastal Acquisition Corp. II Provides Non-Compliance Update On April 18, 2024, Atlantic Coastal Acquisition Corp. II (the Company") received letters from the Nasdaq Stock Market LLC (Nasdaq") indicating that (i) the Company was not in compliance with Nasdaq's Listing Rule 5450(b)(1)(B) because the Company has not, as of the fiscal year ended December 31, 2023, maintained a minimum of 1,100,000 publicly held shares, as required under the Nasdaq continued listing standards for The Nasdaq Global Market and (ii) the Company has failed to maintain a minimum market value of publicly held shares of $15,000,000 for the 30 consecutive business day period preceding this letter, as required under Nasdaq Listing Rule 5450(b)(2)(C). Under Nasdaq Listing Rules, the Company has 45 calendar days to submit a plan to regain compliance with Rule 5450(b)(1)(B) and 180 calendar days to regain compliance with Rule 5450(b)(2)(C). The Company expects that both deficiencies will be cured as a result of the consummation of its previously announced proposed business combination with Abpro Corporation (the Business Combination") as described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC") on December 12, 2023. On April 23, 2024, the Company submitted its plan of compliance to Nasdaq, where it requested an extension of the compliance period to regain compliance with Rule 5450(b)(1)(B) from 45 calendar days to 180 calendar days. Board Change • Mar 09
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. CEO & Chairman of the Board Shahraab Ahmad is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Feb 14
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. CEO & Chairman of the Board Shahraab Ahmad is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 공시 • Nov 15
Atlantic Coastal Acquisition Corp. II announced delayed 10-Q filing On 11/14/2023, Atlantic Coastal Acquisition Corp. II announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 공시 • Sep 23
Abpro Corporation entered into a term sheet to acquire Atlantic Coastal Acquisition Corp. II (NasdaqGM:ACAB) from shareholders in a reverse merger transaction. Abpro Corporation entered into a term sheet to acquire Atlantic Coastal Acquisition Corp. II (NasdaqGM:ACAB) from shareholders in a reverse merger transaction on September 18, 2023. At the closing of the Acquisition (the “Closing”), the equityholders of Abpro would own 72,500,000 shares in the combined company (the “Transaction Shares”). In addition to the Transaction Shares, 14,500,000 shares of common stock of the surviving entity will be deposited in an escrow account at closing and be periodically released subject to the conditions of an earnout agreement (the “Earnout Agreement”). If, on the fifth anniversary of the Closing, the conditions set forth in the Earnout Agreement for the release of such shares have not been met, such shares will be forfeited and returned to the treasury of the combined company. Under the Term Sheet, Abpro has agreed to negotiate exclusively with the Company with respect to the Acquisition for a period of 30 days (the “Exclusivity Period”). The Exclusivity Period will be automatically extended for two additional 15 day periods in certain circumstances. Under the terms of the Term Sheet, there is no fee or penalty for either party in the event the Term Sheet is terminated or the Acquisition is not consummated. The final terms of the Acquisition are subject to the negotiation and finalization of the Definitive Agreement and any other agreements relating to the Acquisition, and the material terms of the Acquisition may differ from those set forth in the Term Sheet. In addition, the Closing will be subject to various customary, completion of due diligence and other closing conditions. The transaction is expected to close in Q2 of 2024 and would result in an implied equity valuation for Abpro of $725 million. Brookline Capital Markets, a Division of Arcadia Securities, LLC, acted as a financial advisor to Abpro Corporation. 공시 • May 16
Atlantic Coastal Acquisition Corp. II announced delayed 10-Q filing On 05/15/2023, Atlantic Coastal Acquisition Corp. II announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 공시 • May 17
Atlantic Coastal Acquisition Corp. II announced delayed 10-Q filing On 05/16/2022, Atlantic Coastal Acquisition Corp. II announced that they will be unable to file their next 10-Q by the deadline required by the SEC.