iLearningEngines, Inc.: Nasdaq/NYSE listing notice — Arrowroot Acquisition Corp. receives Nasdaq delisting notice; plans to request hearing to avoid suspension

iLearningEngines, Inc.

Nasdaq notified Arrowroot on March 5, 2024 that trading would be suspended March 14 unless a hearing is requested by March 12.
The delisting threat stems from failure to meet Nasdaq IM-5101-2 requiring a SPAC to complete a business combination within 36 months of IPO.
Arrowroot submitted a compliance plan on Feb 22, 2024 for failing to hold annual meeting (Rule 5620(a)), but still faces deadline issues.
The company intends to request a hearing to stay suspension and argues it needs time to close its proposed merger with iLearningEngines.
There is no assurance of regaining compliance despite the hearing request.

Key facts

Extracted from this filing and checked against the source text.

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

iLearningEngines, Inc. received a nasdaq deficiency notice notice regarding other (rules 5620(a), IM-5101-2, 5810(c)(2)(G)).

Exchange: nasdaq
Notice: deficiency notice
Rules: 5620(a), IM-5101-2, 5810(c)(2)(G)

Exact text from the filing

March 5, 2024, the Company received a notice (the “Deadline Notice”) from the staff of the Listing Qualifications Department of Nasdaq indicating that, unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”) by March 12, 2024, trading of the Company’s securities on The Nasdaq Capital Market would be suspended at the opening of business on March 14, 2024, due to the Company’s non-compliance with Nasdaq IM-5101-2, which requires that a special purpose acquisition company complete one or more business combinations within 36 months of the effectiveness of its IP

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Source: SEC EDGAR

accession 0001213900-24-021409

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