PHP Ventures Acquisition Corp.: Nasdaq/NYSE listing notice — PHP Ventures receives Nasdaq delisting notice for MVLS and public holder non-compliance

PHP Ventures Acquisition Corp.

Nasdaq notified PHP on Oct 19, 2023 that it failed to regain compliance with MVLS ($35M minimum) and minimum public holders (300) rules.
Unless appealed, trading will be suspended at opening on Oct 30, 2023 and Form 25-NSE filed to delist securities.
Company plans to request a hearing before Nasdaq's hearings panel to stay suspension pending decision.
PHP is pursuing a business combination with Modulex Modular Buildings Plc as a path to regain compliance.
Previously, PHP had until Oct 16, 2023 to cure MVLS deficiency and until Oct 9, 2023 to address public holders rule.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.82

PHP Ventures Acquisition Corp. received a nasdaq compliance regained notice regarding market value (rules 5550(b)(2), 5550(a)(3), 5800).

Exchange: nasdaq
Notice: compliance regained
Deficiency: market value
Rules: 5550(b)(2), 5550(a)(3), 5800

Exact text from the filing

March 6, 2023 to April 14, 2023), was below the required minimum of $35 million for continued listing on Nasdaq under Nasdaq Listing Rule 5550(b)(2) (the “ MVLS Rule ”). In accordance with the MVLS Notice, the Company had one hundred eighty (180) calendar days (or until October 16, 2023) to regain compliance. The MVLS Notice stated that Nasdaq will close the matter and provide written confirmation that the Company has achieved compliance with the MVLS Rule if at any time before October 16, 2023, the Company’s MVLS closes at $35 million or more for a minimum of ten (10) consecutive business day

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Source: SEC EDGAR

accession 0001493152-23-038263

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