Announcement • Jan 25
Social Leverage Acquisition Regains Compliance with the MVLS Rule
As previously disclosed, on November 22, 2023, Social Leverage Acquisition Corp. I, (the “Company”), received a letter from the Nasdaq Listing Qualifications staff (the “Staff”) at The Nasdaq Stock Market notifying the Company that the Staff has determined to delist the Company’s securities listed on The Nasdaq Global Market (“Nasdaq Global”) (including the Common Stock, Units and Warrants) (the “Securities”) because it had not regained compliance with the Market Value of Listed Securities (“MVLS”) standard. The market value of the Company’s listed Securities was below the $50,000,000 minimum MVLS requirement for continued listing on Nasdaq Global under Nasdaq Listing Rule 5450(b)(2)(A) (the “MLVS Rule”). As previously reported by the Company on its Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on April 3, 2023, the Staff initially notified the Company on April 3, 2023 that the minimum MVLS for the Company’s Securities were below the $50,000,000 minimum MVLS requirement for the previous 30 consecutive trading days, and in accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company was provided 180 calendar days, or until October 2, 2023, to regain compliance with the MVLS Rule. As previously disclosed, on November 27, 2023, the Company applied to transfer and list its Securities on the Nasdaq Capital Market and requested a hearing to stay the suspension of trading of the Company’s Securities, which was scheduled to be heard on February 15, 2024. On January 2, 2024, Social Leverage Acquisition Sponsor I LLC, a Delaware limited liability company, voluntarily converted 8,625,000 shares of Class B common stock, par value $0.0001 per share, of the Company (“Class B Common Stock”) it held as of such date into 8,625,000 shares of Class A common stock, par value $0.0001 per share, of the Company (“Class A Common Stock”) in accordance with the Company’s Amended and Restated Certificate of Incorporation (the “Conversion”). As a result of the Conversion, the Company has an aggregate of 10,182,134 shares of Class A Common Stock and no shares of Class B Common Stock outstanding. On January 24, 2024, the Company received a letter from the Staff notifying the Company that it has regained compliance with the MVLS Rule, and the Company is therefore in compliance with Nasdaq Global’s continued listing requirements. As a result, the Staff has cancelled the hearing that was requested by the Company to appeal the Staff’s prior delisting determination and has confirmed that the Company’s Securities will continue to be listed and traded on Nasdaq Global.
