Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company will have 180
calendar days, or until
If the Company does not regain compliance with the MVLS Rule by the Compliance Date, Nasdaq will provide notice that the Class A Ordinary Shares will be delisted from The Nasdaq Global Market. In the event of such notification, the Nasdaq rules permit the Company an opportunity to appeal Nasdaq's determination. The Letter notes that if the Company is unable to regain compliance with the MVLS Rule prior to the Compliance Date, the Company may be eligible to transfer the listing of its securities to The Nasdaq Capital Market (provided that it then satisfies the requirements for continued listing on that market). The Company is monitoring the MVLS of its Class A Ordinary Shares and will consider options available to it to potentially achieve compliance.
Forward-Looking Statements
This Form 8-K contains certain "forward-looking statements" within the meaning
of the United States Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact contained in this Form 8-K
are forward-looking statements. Some of these forward-looking statements can be
identified by the use of forward-looking words, including "may," "should,"
"expect," "intend," "will," "estimate," "anticipate," "believe," "predict,"
"plan," "targets," "projects," "could," "would," "continue," "forecast" or the
negatives of these terms or variations of them or similar expressions. All
forward-looking statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from those expressed or
implied by such forward-looking statements. For example, there can be no
assurance that the Company will regain compliance with the MVLS Rule during any
compliance period or in the future or otherwise meet Nasdaq compliance
standards, that the Company will be eligible for a second compliance period,
that Nasdaq will grant the Company any relief from delisting as necessary or
that the Company can ultimately meet applicable Nasdaq requirements for any such
relief. All forward-looking statements are based upon estimates, forecasts and
assumptions that, while considered reasonable by the Company and its management,
are inherently uncertain and many factors may cause the actual results to differ
materially from current expectations which include, but are not limited to the
risks and uncertainties set forth under the sections entitled "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements and Risk Factor Summary"
in the Company's Annual Report on Form 10-K for the year ended December, 31,
2022, which was filed with the
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