Fortune Rise Acquisition Corp: Nasdaq/NYSE listing notice — Fortune Rise Acquisition receives Nasdaq notice for MVLS below $50M; faces delisting risk

Fortune Rise Acquisition Corp

On Aug 21, Nasdaq notified FRLA its MVLS was below $50M for 30 consecutive business days.
Company has 180 days, until Feb 19, 2024, to regain compliance with the Market Value Standard.
Previously, 1,666,080 public shares were redeemed at ~$10.76/share, leaving 3,614,952 public shares outstanding.
FRLA may consider transferring listing to Nasdaq Capital Market if it meets requirements.
Failure to regain compliance by deadline could result in delisting; appeal rights exist.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.98

Fortune Rise Acquisition Corp received a nasdaq deficiency notice notice regarding market value (rules 5450(b)(2)(A), 5810(c)(3)(C)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: market value
Rules: 5450(b)(2)(A), 5810(c)(3)(C)

Exact text from the filing

August 21, 2023, the Company received a written notice (the “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, the Company’s Market Value of Listed Securities (“MVLS”) was below the minimum of $50 million required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A) (the “Market Value Standard”). The Staff also noted that the Company does not meet the requirements under Nasdaq Listing Rule 5450(b)(3)(A) (Total Assets/Total R

View on SEC.gov

Browse all listing & compliance notices →

Source: SEC EDGAR

accession 0001683168-23-006078

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.