Iris Acquisition Corp (NASDAQ:IRAA), a special purpose acquisition company, announced today that it has received a favorable response from the Nasdaq Hearings Panel (the "Panel"), which will allow the company to continue its listing on The Nasdaq Capital Market.
The company, which is based in the Cayman Islands, was previously notified by Nasdaq that it had failed to meet the requirements of Rule IM-5101-2, which mandates that a SPAC must complete a business combination within 36 months of its IPO registration statement. This notice was issued on May 2, 2024, and Iris Acquisition Corp promptly requested an appeal hearing, which took place on May 9, 2024.
In addition to the initial concern, Nasdaq also cited the company for not meeting the minimum requirement of 500,000 publicly held shares for The Nasdaq Capital Market, as per Nasdaq Listing Rule 5810(d)(2). This issue was added to the agenda for the hearing.
Following the hearing, on May 21, 2024, the Panel decided in favor of Iris Acquisition Corp, granting a deadline extension until September 3, 2024, for the company to demonstrate compliance with all applicable listing requirements for The Nasdaq Global Market. The company is expected to meet these requirements through its successor, Iris Parent Holding Corp.
This decision provides Iris Acquisition Corp with the opportunity to address the compliance issues and work towards fulfilling the conditions set by the Panel. The company's CEO, Sumit Mehta, signed off on the SEC filing dated June 27, 2024, confirming the Panel's decision and the company's commitment to achieving compliance within the given timeframe.
The news offers a reprieve for Iris Acquisition Corp as it seeks to navigate the regulatory requirements and maintain its position on the Nasdaq stock exchange.
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