RMG Acquisition Corp. III: Nasdaq/NYSE listing notice — RMG III receives Nasdaq delisting notice; converts 3.5M shares to appeal

RMG Acquisition Corp. III

Received Nasdaq delisting determination on Dec 20, 2023, for failing to maintain $35M MVLS minimum.
Intends to appeal by Dec 27; trading continues pending hearing outcome.
Sponsor converted 3.5M Class B shares to Class A on Dec 26, increasing MVLS by ~$36.6M.
No guarantee that appeal or conversion will prevent delisting from Nasdaq.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.82

RMG Acquisition Corp. III received a nasdaq compliance regained notice regarding minimum bid price (rules 5550(b)(2), 5810(c)(3)(C)).

Exchange: nasdaq
Notice: compliance regained
Deficiency: minimum bid price
Rules: 5550(b)(2), 5810(c)(3)(C)

Exact text from the filing

December 18, 2023, to regain compliance with the Market Value Standard. To regain compliance with the Market Value Standard, the MVLS for the Company's listed securities must have been at least US$35 million for a minimum of 10 consecutive business days at any time during this 180-day period. On December 20, 2023, the Company received a determination letter (the "Letter") from the Staff stating that the Company has not regained compliance with the Market Value Standard. The Letter stated that, unless the Company requests an appeal of this determination no later than 4:00 p.m. (Eastern time)

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Source: SEC EDGAR

accession 0001140361-23-059606

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