공고 • Nov 08
Nasdaq Determines to Delist New Providence Acquisition Corp. II Securities On November 4, 2024, New Providence Acquisition Corp. II (the Company") received a letter from the Listing Qualifications Department of The Nasdaq Stock Market (Nasdaq") stating that, pursuant to Nasdaq Listing Rule IM-5101-2 (Rule IM-5101-2"), the staff of Nasdaq (Staff") had determined that (i) the Company's securities will be delisted from Nasdaq, (ii) trading of the Company's Class A common stock, warrants, and units will be suspended at the opening of business on November 11, 2024 and (iii) a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on Nasdaq. Under Rule IM-5101-2, a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness of its initial public offering registration statement. Since the Company failed to complete its initial business combination by November 4, 2024, the Staff concluded that the Company did not comply with Rule IM-5101-2 and that the Company's securities are now subject to delisting. 공고 • Jul 30
New Providence Acquisition Receives Deficiency Letter from the Listing Qualifications Department of the Nasdaq Regarding MVLS Requirement On July 23, 2024, New Providence Acquisition Corp. II (the “Company”) received a deficiency letter from the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the preceding 30 consecutive business days, the Company’s Market Value of Listed Securities (“MVLS”) was below the $50 million minimum requirement for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2) (the “MVLS Requirement”). The notification received has no immediate effect on the Company’s Nasdaq listing. In accordance with Nasdaq rules, the Company has been provided an initial period of 180 calendar days, or until January 17, 2025 (the “Compliance Date”), to regain compliance with the MVLS Requirement. If, at any time before the Compliance Date, the Company’s MVLS closes at $50 million or more for a minimum of 10 consecutive business days, the Staff will provide the Company written confirmation of compliance with the MVLS Requirement. The Company effected the Conversion to regain compliance with the MVLS Requirement. 공고 • May 17
New Providence Acquisition Corp. II announced delayed 10-Q filing On 05/15/2024, New Providence Acquisition Corp. II announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Board Change • Jan 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Tim Gannon was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 31
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Tim Gannon was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Nov 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. Negative equity (-US$12m). Revenue is less than US$1m. Minor Risk Less than 3 years of financial data is available. 공고 • Jan 23
New Providence Acquisition Corp. II Receives a Notice from Nasdaq On January 11, 2023, New Providence Acquisition Corp. II (the "Company") received a notice from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") stating that the Company failed to hold an annual meeting of stockholders within 12 months after its fiscal year ended December 31, 2021, as required by Nasdaq Listing Rule 5620(a). In accordance with Nasdaq Listing Rule 5810(c)(2)(G), the Company has 45 calendar days (or until February 27, 2023) to submit a plan to regain compliance and, if Nasdaq accepts the plan, Nasdaq may grant the Company up to 180 calendar days from its fiscal year end, or until June 29, 2023, to regain compliance. If Nasdaq does not accept the Company's plan, the Company will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel. The Company intends to submit a compliance plan within the specified period. While the plan is pending, the Company's securities will continue to trade on Nasdaq. 
