Announcement • Sep 10
Mountain & Co. I Acquisition Corp. Announces Receipt of Nasdaq Delisting Determination and Intention to Appeal
Mountain & Co. I Acquisition Corp. announced that on September 3, 2024, the Company received a letter (the ‘Letter’) from the NASDAQ Stock Market (‘Nasdaq’) notifying the Company that Nasdaq Listing Qualifications Staff (‘Staff’) have determined to deny the Company's request for continued listing on The Nasdaq Stock Market. On June 5, 2024, Staff notified the Company that it was not in compliance with Nasdaq's Listing Rule 5250(c)(1) (the ‘Filing Requirement’) due to the delay in the filing of the Company's Form 10-Q for the period ended March 31, 2024. On August 2, 2024, the Company submitted a plan (the ‘Plan’) to regain compliance with the Filing Requirement. Subsequently, the Company also failed to timely file its Form 10-Q for the period ended June 30, 2024. Further to the non-compliance with the Filing Requirement, the Letter also cites that due to the resignations of Mr. Miles Gilburne and Dr. Philipp Rösler from the Company's board on June 26, 2024, and August 9, 2024, respectively, the Company is in non-compliance with Nasdaq's Board Independence, Audit Committee Composition, and Compensation Committee Composition requirements set by Listing Rules 5606(b)(1), 5605(c)(2), and 5605(d)(2). According to the Letter, these corporate governance deficiencies constitute additional bases for delisting. Unless the Company requests an appeal of Staff's determination by September 10, 2024, trading of the Company's Class A Ordinary Shares, Warrants, and Units will be suspended at the opening of business on September 12, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the ‘SEC’), which would remove the Company's securities from listing and registration on the Nasdaq Stock Market. The Company to timely appeal Staff's determination to a Hearings Panel, pursuant to the procedures set in the Nasdaq Listing Rule 5800 Series. A request for a hearing regarding a delinquent filing will stay the suspension of the Company's securities for a period of 15 days from the date of the request. When the Company requests a hearing, it intends to also request a stay of the suspension, pending the hearing. A Panel will review the request for an extended stay and notify the Company of its conclusion as soon as is practicable but, in any event, no later than 15 calendar days following the deadline to request the hearing. At the Panel hearing, the Company intends to present a strategic plan to regain compliance with the applicable Nasdaq Listing Rules. In the interim, the Company's securities will continue to trade on Nasdaq. There can be no assurance that the Company's plan will be accepted by the Panel or that, if it is, the Company will be able to regain compliance with the applicable Nasdaq Listing Rules. If the Company's securities are delisted, it could be more difficult to buy or sell the Company's securities or to obtain accurate quotations, and the price of the Company's securities could suffer a material decline.
