OceanTech Acquisitions I Corp.: Nasdaq/NYSE listing notice — OceanTech receives Nasdaq delisting notice for low MVLS; appeals filed

OceanTech Acquisitions I Corp.

Nasdaq notified OceanTech on July 25, 2023 it failed to regain $35M minimum MVLS by July 24 deadline.
Trading of OTEC common stock to be suspended at open on August 3, 2023 unless hearing grants stay.
Company requested a hearing on July 27, 2023 and paid the $20,000 fee to stay delisting pending Panel decision.
OceanTech is pursuing a $96M stock-based business combination with Regentis under an amended merger agreement.

Key facts

Extracted from this filing and checked against the source text.

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

OceanTech Acquisitions I 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

July 25, 2023, the Company received written notice (the “ Delisting Letter ”) from Nasdaq that the Company has not regained compliance with Nasdaq Listing Rule 5550(b)(2) for the MVLS within the Compliance Period in accordance with Nasdaq Listing Rule 5810(c)(3)(C) . Accordingly, unless the Company requests an appeal of this determination, the Company’s securities will be delisted from The Nasdaq Capital Market, trading of the Company’s common stock will be suspended at the opening of business on August 3, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission to rem

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Source: SEC EDGAR

accession 0001753926-23-000957

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