NEW YORK - Athena Technology Acquisition Corp. II, a special purpose acquisition company (SPAC) with a market capitalization of $126 million, has been notified by the NYSE American LLC of its intent to delist the company's securities. This decision comes after Athena Technology failed to complete a business combination within the timeframe set by its initial public offering registration statement. The company's stock has experienced a dramatic 91% decline over the past six months, according to InvestingPro data. Consequently, trading of the company's class A common stock, units, and redeemable warrants on the NYSE American has been halted.
The NYSE American's delisting proceedings were initiated following Athena Technology's inability to fulfill the requirement of concluding a business combination within 36 months or a shorter period as specified in its registration statement. InvestingPro analysis reveals concerning financial metrics, including a weak current ratio of 0.1 and negative earnings per share of -$0.11. The company, however, retains the right to appeal the delisting decision to the Listings Qualifications Panel by December 17, 2024.
Despite this setback, Athena Technology is actively working towards finalizing its previously announced business combination with Ace Green Recycling, Inc. With an Altman Z-Score of -2.34 indicating financial distress, as reported by InvestingPro, the company faces significant challenges. Should the delisting proceed, the company plans to pursue a listing of its securities on The Nasdaq Stock Market LLC in connection with the completion of its proposed initial business combination.
Athena Technology Acquisition Corp. II, led by CEO Isabelle Freidheim, President Kirthiga Reddy, and CFO Jennifer Calabrese, was established with the aim of merging with or acquiring one or more businesses. This latest development represents a significant juncture for the company as it navigates the regulatory landscape and works to achieve its strategic objectives.
The information regarding Athena Technology's delisting and future plans is based on a press release statement from the company. It should be noted that the company's forward-looking statements, including its ability to complete the proposed business combination and listing on Nasdaq, are subject to various risks and uncertainties which could lead to materially different outcomes.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.