Global Gas Corp (HGAS): Nasdaq/NYSE listing notice — Dune Acquisition receives Nasdaq delisting notice after exchanging founder shares to regain compliance

Global Gas Corp

On Sep 20, 2023, Dune exchanged 4,312,500 Class B shares for Class A shares to boost market value of listed securities.
Exchange eliminated all Class B shares; sponsor now holds ~78.5% of outstanding Class A common.
On Sep 22, 2023, Dune received Nasdaq notice that it failed to regain $35M MVLS compliance; delisting initiated.
Dune appealed the delisting determination on Sep 22, 2023 and expects Nasdaq to cancel the action.
Exchange shares issued under Section 3(a)(9) exemption; registered for resale under existing registration rights.

item 1.01 item 3.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

Global Gas Corp received a nasdaq delisting notice notice regarding market value (rules 5550(b)(2), 5810(c)(3)(C)).

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

Exact text from the filing

stating that the market value of listed securities (“MVLS”) of Dune’s Class A common stock for the last 30 consecutive business days (from February 9, 2023 to March 23, 2023), was below the required minimum of $35 million for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(2) (the “MVLS Rule”). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), Dune had 180 calendar days (or until September 20, 2023) to regain compliance (the “Compliance Period”). The Notification Letter stated that Nasdaq will close the matter and provide written confirmation that Dune has

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Global Gas Corp entered into Exchange Agreement with Dune Acquisition Holdings LLC (effective 2023-09-20).

Action: entry
Agreement: equity purchase
Counterparty: Dune Acquisition Holdings LLC
Effective: 2023-09-20

Exact text from the filing

On September 20, 2023, Dune Acquisition Corporation, a Delaware corporation (“Dune”), and Dune’s sponsor, Dune Acquisition Holdings LLC, a Delaware limited liability company (the “Sponsor”), entered into an Exchange Agreement (the “Exchange Agreement”).

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8 listing & compliance notices filed in the last 30 days. Browse all listing & compliance notices →

Global Gas Corp filing history →

Source: SEC EDGAR

accession 0001213900-23-078863

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