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Evergreen Corporation, a company specializing in blank check investments under the organization name "05 Real Estate & Construction," has been notified by Nasdaq of its non-compliance with the minimum shareholder requirement, which could lead to the delisting of its securities. According to a letter received by the company on Monday, Evergreen did not meet the Nasdaq Global Market’s minimum of 400 total shareholders as required by Nasdaq Listing Rule 5450(a)(2).
The company, which is incorporated in the Cayman Islands and has its principal executive offices in Kuala Lumpur, Malaysia, failed to regain compliance during the granted extension period, which concluded on January 28, 2025. According to InvestingPro analysis, Evergreen maintains a GREAT financial health score of 3.12, though its current ratio of 0.01 indicates potential liquidity concerns. Evergreen has been given a deadline of February 10, 2025, to appeal the decision and request a hearing before the Nasdaq Hearings Panel. If the company does not take action by this deadline, trading of its securities, including its ordinary shares (NASDAQ:EVGR), warrants (NASDAQ:EVGRW), and units (NASDAQ:EVGRU), will be suspended at the opening of business on February 12, 2025. Furthermore, the SEC will be notified through a Form 25 NSE to remove the securities from listing and registration on the Nasdaq Stock Market.
In the event of delisting, Evergreen’s securities are expected to be traded over-the-counter. The company has expressed its intention to reapply for Nasdaq listing in conjunction with the closing of a potential business combination. This development follows Evergreen’s status as an emerging growth company and its choice not to use the extended transition period for complying with new or revised financial accounting standards.
The information provided in this article is based on a press release statement from the Securities and Exchange Commission.
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