Industrial Tech Acquisitions II, Inc.: Nasdaq/NYSE listing notice — ITAQ receives Nasdaq deficiency notice for MVLS below $35M; plans to regain compliance via NEXT merger

Industrial Tech Acquisitions II, Inc.

On July 10, 2023, Nasdaq notified ITAQ that its Market Value of Listed Securities was below $35M for 37 consecutive business days, failing Listing Rule 5550(b)(2).
ITAQ has 180 calendar days (until Jan 8, 2024) to regain compliance; MVLS must close at $35M+ for 10 consecutive days.
Nasdaq also noted ITAQ does not meet the alternative equity (b)(1) or net income (b)(3) standards.
ITAQ expects to complete its merger with NEXT Renewable Fuels before the compliance period, after which it will meet Nasdaq initial listing requirements.
If compliance is not regained, securities may be delisted; ITAQ would have the right to appeal the decision.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Industrial Tech Acquisitions II, Inc. received a nasdaq deficiency notice notice regarding market value (rules 5550(b)(2), 5550(b)(1), 5550(b)(3)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: market value
Rules: 5550(b)(2), 5550(b)(1), 5550(b)(3)

Exact text from the filing

July 10, 2023, Industrial Tech Acquisitions II, Inc., a Delaware corporation (the “ Company ” or “ ITAQ ”) received a deficiency notice from the Listing Qualifications Department (the “ Staff ”) of The Nasdaq Stock Market LLC (“ Nasdaq ”) notifying the Company that for the last 37 consecutive business days, the Company’s Market Value of Listed Securities (“ MVLS ”) was below the minimum of $35 million required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2) (the “ Market Value Standard ”). This notification has no immediate effect on the listing or

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Source: SEC EDGAR

accession 0001213900-23-057088

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