Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously reported, on August 17, 2022, Greencity Acquisition Corporation
("Company") received a written notice (the "Notice") from the Listing
Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that
the Company was not in compliance with Listing Rule 5550(a)(3) (the "Minimum
Public Holders Rule"), which requires the Company to have at least 300 public
holders for continued listing on the NASDAQ Capital Market. The Notice stated
that the Company had 45 calendar days to submit a plan to regain compliance
with the Minimum Public Holders Rule.
On September 27, 2022, the Company submitted a compliance plan to Nasdaq. Based
on the Company's submission, Nasdaq has determined to grant the Company an
extension of time to regain compliance with the Rule. The terms of the extension
are as follows: on or before February 13, 2023, the Company must file with
Nasdaq documentation from its transfer agent, or independent source, that
demonstrates that its ordinary shares have a minimum of 300 public holders. In
the event the Company does not satisfy the terms, Nasdaq will provide written
notification that its securities will be delisted. At that time, the Company may
appeal the determination to a Listing Qualifications Panel.
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