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Global Blockchain Acquisition Corp., a company specializing in blank check investments, has announced a shift in its stock listings from the Nasdaq Global Market to the Nasdaq Capital Market as of Monday. This move comes after the company received a notice from Nasdaq earlier this year indicating non-compliance with the minimum shareholder requirement for continued listing on the Nasdaq Global Market.
The company, which is headquartered in Orlando, Florida, had been under scrutiny for not meeting the Nasdaq Listing Rule 5450(a)(2), necessitating a minimum of 400 total shareholders. To address this issue, Global Blockchain Acquisition Corp. submitted an application on June 21, 2024, to transfer its listing to the Nasdaq Capital Market, which typically accommodates smaller, less-capitalized companies, and often carries less stringent shareholder requirements.
The Nasdaq approved the transfer application on June 28, 2024, and the change became effective on July 2, 2024. With the transfer to the Nasdaq Capital Market, the company has resolved the previously cited deficiencies. The company's securities, including its common stock (GBBK), redeemable warrants (GBBKW), and rights (GBBKR), will continue to be traded on the Nasdaq, albeit under the new market category.
The company's Chief Executive Officer, Max Hooper, confirmed the successful transition in the regulatory filing. This strategic move is expected to provide the company with a continued presence on a recognized exchange while meeting its current shareholder structure. The information regarding this transition is based on a press release statement from the company's latest SEC filing.
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