TSX runs higher on rate cut expectations
Kairous Acquisition Corp. Ltd (NASDAQ:KACL), a special purpose acquisition company, is set to be delisted from the Nasdaq Stock Market after failing to meet a crucial deadline for completing a business combination. The company, which went public on December 13, 2021, was required to execute a merger or acquisition within 36 months of its initial public offering as per Nasdaq's rules.
On Monday, Kairous acknowledged receipt of a notice from Nasdaq dated December 16, 2024, indicating non-compliance with Nasdaq Interpretive Material IM-5101-2. This notice puts the company's securities at risk of being removed from the exchange.
As the SPAC did not fulfill a business combination by the required deadline of December 13, 2024, its securities are now subject to suspension and subsequent delisting. Kairous has decided not to appeal the decision of Nasdaq. Consequently, trading of its securities will be halted at the start of business on December 23, 2024, followed by the formal delisting process.
The company anticipates that its securities will begin trading on the over-the-counter market from the same date when suspension on Nasdaq takes effect.
Kairous Acquisition Corp., incorporated in the Cayman Islands, is classified under the "Blank Checks" industry sector and has been trading under the ticker symbols KACLU, KACL, KACLW, and KACLR for its units, ordinary shares, warrants, and rights, respectively. The company's business address is located at Level 39 Marina Bay Financial Centre, Tower 2, 10 Marina Boulevard, Singapore.
This development is based on the company's SEC filing and marks a significant transition for Kairous Acquisition Corp. from a Nasdaq-listed entity to an over-the-counter traded company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.