AIB Acquisition Corp, a special purpose acquisition company, is set to be delisted from the Nasdaq Stock Market, according to a recent 8-K filing with the Securities and Exchange Commission (SEC). The delisting notice was issued on June 26, 2024, following the suspension of trading of AIB's securities on May 9, 2024. The company's units, ordinary shares, and rights have since been trading on the OTC Markets under the tickers "ACCUF," "AIBAF," and "AACRF," respectively.
The Nasdaq Hearings Panel made the decision to delist AIB due to the company's inability to meet the terms of a March 14, 2024 decision, which required AIB to advise the panel on the SEC review status of its proxy statement/prospectus, hold a shareholder meeting, obtain approval for, and close its initial business combination by specified dates in May 2024. AIB notified the panel on May 1, 2024, that it would not meet the deadline to close its initial business combination.
Despite the delisting, AIB has moved forward with its plans for a business combination with PSI Group Holdings Ltd ("PSI"). A definitive proxy statement was filed on June 24, 2024, for a shareholder meeting scheduled for July 15, 2024, to approve this transaction. The delisting is not expected to materially affect the completion of the business combination or the ability of the combined entity to list on a national securities exchange.
PSI has the right to terminate the agreement if AIB's ordinary shares are delisted from Nasdaq for more than sixty days; however, the parties intend to finalize the business combination within this period. Furthermore, PS International Group Ltd. ("Pubco") has applied to list its ordinary shares on Nasdaq under the symbol "PSIG" upon the closing of the business combination.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.