Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On March 9, 2023, Blue Safari Acquisition Corp., a British Virgin Islands
business company (the "Company") received a written notice (the "Notice") from
the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market
("Nasdaq") indicating that the Company was not in compliance with Listing Rule
5550(a)(4), which requires the Company to have at least 500,000 publicly held
shares for continued listing on the Nasdaq Capital Market (the "Minimum Public
Shares Rule"). The Notice is only a notification of deficiency, not of imminent
delisting, and has no current effect on the listing or trading of the Company's
securities on the Nasdaq Capital Market.
The Notice states that the Company has until April 24, 2023 to submit a plan to
regain compliance with the Minimum Public Shares Rule. If the Company is unable
to regain compliance by that date, the Company intends to submit a plan to
regain compliance with the Minimum Public Shares Rule within the required
timeframe. If Nasdaq accepts Company's plan, Nasdaq may grant the Company an
extension of up to 180 calendar days from the date of the Notice to evidence
compliance with the Minimum Public Shares Rule. 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.
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