Opy Acquisition Corp. I: Nasdaq/NYSE listing notice — OPY Acquisition Corp I receives Nasdaq MVLS deficiency notice; Sponsor exchanges 3.16M shares to regain compliance

Opy Acquisition Corp. I

On Apr 3, 2023, Nasdaq notified company that MVLS was under $50M for 30 consecutive days; 180-day cure period until Oct 2, 2023.
On Apr 10, Sponsor exchanged 3,162,499 Founders Shares into Class A common; pro forma MVLS increase ~$32M based on $10.22 close.
To regain compliance, MVLS must be >= $50M for 10 consecutive trading days and Nasdaq must provide written confirmation.
If compliance not regained by Oct 2, securities subject to delisting; company may appeal to Hearings Panel.
No assurance that the exchange will allow regaining compliance with MVLS Rule.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Opy Acquisition Corp. I received a nasdaq deficiency notice notice regarding market value (rules 5450(b)(2)(A), 5810(c)(3)(C)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: market value
Rules: 5450(b)(2)(A), 5810(c)(3)(C)

Exact text from the filing

April 3, 2023, OPY Acquisition Corp. I (the “Company”) received a letter (the “MVLS Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that for the last 30 consecutive business days prior to the date of the MVLS Notice, the Company’s Minimum Market Value of Listed Securities (“MVLS”) was less than $50.0 million, which does not meet the requirement for continued listing on The Nasdaq Global Market, as required by Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Rule”). In accordance with Nasdaq Listing Rule 5810(c)(3)(C)

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Source: SEC EDGAR

accession 0001193125-23-096535

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