08/28/2024 | Press release | Distributed by Public on 08/28/2024 14:35
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On August 23, 2024, Plum Acquisition Corp. III (the "Company") received a written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is delinquent in filing its quarterly report on Form 10-Q for the quarterly period ended June 30, 2024.
Pursuant to the Notice, this matter serves as an additional basis for delisting the Company's securities from the The Nasdaq Capital Market in light of the Company's previously reported failure to complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement in accordance with Nasdaq Listing Rule IM-5101-2.
A company that receives a delist determination for such a delinquency can request an appeal to the Nasdaq Hearings Panel (the "Panel"), which will stay the suspension of the Company's securities for a period of 15 days from the date of the request. The Notice points out that the Company has already scheduled a hearing before the Panel with respect to its failure to comply with Nasdaq Listing Rule IM-5101-2, and therefore may request to stay the suspension of the Company's securities pending a decision from the Panel at the scheduled hearing.
The Company intends to timely request a stay of the suspension in accordance with the Notice. The request will stay the suspension of trading on the Company's securities, and the Company's securities will continue to trade on The Nasdaq Capital Market until the hearing process concludes and the Panel issues a written decision.
There can be no assurance that the Panel will grant the Company's request to stay the suspension of the Company's securities or that the Company's securities will continue to be listed on The Nasdaq Capital Market.
Forward Looking Statements
Certain statements in this Current Report on Form 8-K may be considered forward-looking statements. Forward-looking statements generally relate to future events or the future financial or operating performance of the Company. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such statements may include, but are not limited to, statements regarding the Company's expectations regarding a hearing before the Panel and a stay of the suspension of trading on the Company's securities. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company, are inherently uncertain.
Nothing in this Current Report on Form 8-K should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.