NORTHERN REVIVAL ACQUISITION Corp: Nasdaq/NYSE listing notice — Northern Revival receives Nasdaq delisting notice for MVLS below $35M; sponsor share conversion planned

NORTHERN REVIVAL ACQUISITION Corp

Received Nasdaq MVLS notice on April 4, 2023; MVLS below $35M for 30 consecutive days.
Sponsor converting 6,037,499 Class B shares to Class A to increase MVLS by ~$62M at $10.27 close.
Compliance period expires October 3, 2023; must maintain MVLS >= $35M for 10 consecutive trading days.
No immediate delisting, but risk remains if compliance not regained within 180 days.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.97

NORTHERN REVIVAL ACQUISITION Corp received a nasdaq deficiency notice notice regarding market value (rules 5550(b)(2), 5810(c)(3)(C)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: market value
Rules: 5550(b)(2), 5810(c)(3)(C)

Exact text from the filing

April 4, 2023, Northern Revival Acquisition Corporation (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 $35.0 million, which does not meet the requirement for continued listing on The Nasdaq Capital Market, as required by Nasdaq Listing Rule 5550(b)(2) (the “MVLS Rule”). In accordance with Nasdaq Listing Rul

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Source: SEC EDGAR

accession 0001213900-23-028888

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