Global Gas Corp, an industrial inorganic chemicals company previously known as Dune Acquisition Corp, is set to be delisted from the Nasdaq Stock Market LLC. Today, the company disclosed that it received a formal notice from the Nasdaq Hearings Panel on Monday, June 21, 2024, regarding the delisting of its securities, which include common stock and warrants exercisable for common stock at an exercise price of $11.50 per share.
The delisting action follows the company's inability to meet Nasdaq's initial listing standards after completing a business combination. The specific requirements not met were related to Stockholders Equity, Publicly Held Shares, Market Value of Listed Securities, and Market Value of Publicly Held Shares as outlined in Nasdaq Rule 5505.
Global Gas Corp was previously granted an extension until June 20, 2024, to demonstrate compliance with the aforementioned listing rules but failed to do so. Consequently, trading of the company's securities on Nasdaq will be suspended at the market open on Tuesday, June 25, 2024.
Nasdaq will file a Form 25 with the Securities and Exchange Commission to formally remove the company's securities from listing and registration, which will take effect 10 days after the filing.
Following the delisting, Global Gas Corp's securities will continue to trade on the OTC marketplace, which is a less formal exchange with different reporting requirements than Nasdaq. The company, headquartered at 99 Wall Street, Suite 436, New York, New York, and incorporated in Delaware, is identified by the ticker symbols HGAS for its Class A common stock and HGASW for its warrants.
This development is a significant change for the company's investors and stakeholders. The information is based on a recent SEC filing by Global Gas Corp.
InvestingPro Insights
As Global Gas Corp faces delisting from the Nasdaq, investors may be weighing the company's financial health and its stock's performance. According to real-time data from InvestingPro, Global Gas Corp currently holds a market capitalization of $7.97 million.
The company's performance has been challenging, with a negative price-to-earnings (P/E) ratio of -1.37, indicating that it has not been profitable over the last twelve months as of Q1 2023. Furthermore, the adjusted P/E ratio for the same period stands at -14.77, underscoring the company's earnings struggles.
InvestingPro Tips reveal additional concerns for stakeholders. Global Gas Corp has weak gross profit margins and has not paid dividends to shareholders, which may deter income-focused investors. Moreover, the stock price has shown a tendency to move inversely to the market, which could signal a higher risk profile. Over the last year, the stock has plummeted by 89.15%, with a 6 month total return of -81.38%, highlighting the stock's significant decline in value.
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