Capitalworks Emerging Markets Acquisition Corp, a company initially listed on the Nasdaq Stock Market, is facing delisting and has transitioned its securities to over-the-counter (OTC) trading. The company, which falls under the "blank checks" industrial classification, was notified by Nasdaq on August 31, 2024, that its securities would be delisted.
The delisting process began with a notice from Nasdaq on June 11, 2024, following a determination by the Nasdaq Hearings Panel to delist the company’s units, Class A ordinary shares, and warrants. Trading of Capitalworks' securities was suspended at the open of trading on June 12, 2024, and Nasdaq indicated that it would complete the delisting by filing a Form 25 with the SEC after appeal periods had lapsed.
As of September 4, 2024, Nasdaq had announced its intention to file the Form 25, which would officially remove Capitalworks from its listings, with the delisting becoming effective ten days post-filing. The company’s securities, which include units consisting of Class A ordinary shares and warrants, have since been available for trading on the OTC market under the symbols CMCAU, CMCAF, and CMCAW, respectively.
Capitalworks Emerging Markets Acquisition Corp, with its principal executive offices located in Freemont, California, has seen its securities transition from a major exchange to the less regulated OTC market. This change in trading venue often results from a company's failure to meet listing standards, which can include financial thresholds, corporate governance requirements, or other criteria set by the exchange.
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