Fortune Rise Acquisition Corp: Nasdaq/NYSE listing notice — Fortune Rise receives Nasdaq deficiency notice for total holders rule; also non-compliant on market value

Fortune Rise Acquisition Corp

Nasdaq notified FRLA on Oct 16, 2023 of non-compliance with Minimum Total Holders Rule (400 holders required) for Nasdaq Global Market.
Company has 45 days (until Nov 30, 2023) to submit a plan to regain compliance; extension of up to 180 days possible.
Previously disclosed MVLS deficiency (below $50M) with compliance deadline of Feb 19, 2024; company applied to transfer to Nasdaq Capital Market.
Failure to regain compliance could lead to delisting; appeals process available but no assurance of success.

Key facts

Extracted from this filing and checked against the source text.

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

Fortune Rise Acquisition Corp received a nasdaq noncompliance notice notice regarding market value (rules 5450(b)(2)(A)).

Exchange: nasdaq
Notice: noncompliance notice
Deficiency: market value
Rules: 5450(b)(2)(A)

Exact text from the filing

August 21, 2023, the Company received a written notice (the “Previous Notice”) from the Staff 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 Revenue Standard). An indicator will be displayed with quotation information

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

Fortune Rise Acquisition Corp received a nasdaq noncompliance notice notice regarding shareholders (rules 5450(a)(2)).

Exchange: nasdaq
Notice: noncompliance notice
Deficiency: shareholders
Rules: 5450(a)(2)

Exact text from the filing

October 16, 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, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(2) (the “Minimum Total Holders Rule”), which requires the Company to have at least 400 total holders for continued listing on the Nasdaq Global Market. The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on the Nasdaq Global Market.

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Source: SEC EDGAR

accession 0001683168-23-007313

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