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NEW YORK - Bowen Acquisition Corp (NASDAQ:BOWN), a special purpose acquisition company with a market capitalization of $27.67 million, announced Monday it received a delisting determination letter from Nasdaq on July 15, 2025, citing multiple compliance failures. The stock has already declined 9.55% over the past week, according to InvestingPro data.
According to the notice, BOWN failed to meet several Nasdaq Global Market requirements, including maintaining a minimum market value of listed securities of $50 million for 30 consecutive trading days. The company also fell short of requirements for publicly held shares, market value of those shares, and minimum shareholder count. InvestingPro analysis indicates the company’s current Fair Value suggests overvaluation, with concerning financial health metrics including a weak current ratio of 0.09.
BOWN has until July 22, 2025, to appeal the determination to a Nasdaq Hearings Panel, or face suspension of trading on July 24. The company stated it intends to request a hearing and seek a stay of the suspension.
The SPAC is currently working to complete its previously announced business combination with Shenzhen Qianzhi BioTechnology Co. Ltd. BOWN indicated it believes this transaction would bring it back into compliance with listing requirements, though there is no guarantee the combination will be completed or that compliance will be achieved.
If BOWN requests a hearing, it would temporarily halt the suspension for 15 days from the request date. The company can also request an extended stay pending the hearing outcome.
This announcement comes as the latest development for the blank check company that was formed to execute a merger, capital stock exchange, asset acquisition or similar business combination.
The information in this article is based on a company press release statement.
In other recent news, Bowen Acquisition Corp. experienced a trading halt on the Nasdaq Stock Market. The suspension occurred as Nasdaq sought additional information from the company, and trading will remain suspended until Bowen Acquisition fulfills this request. This halt affects all three of the company’s listed securities. Nasdaq has not disclosed the specific details of the information requested or when trading might resume. The company, a special purpose acquisition company, is subject to regular monitoring by Nasdaq to ensure compliance with listing standards and disclosure requirements.
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