11/19/2024 | Press release | Distributed by Public on 11/19/2024 05:06
Item 3.01. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing |
As previously disclosed, The Nasdaq Stock Market LLC ("Nasdaq") determined that trading of the Class A ordinary shares and units of Chain Bridge I (the "Company") will be suspended at the opening of business on November 19, 2024.
Following the suspension of trading on Nasdaq, the Company's Class A ordinary shares will be eligible to trade on the OTCQB Market operated on The OTC Market systems ("OTC") under the symbol "CBRRF." The Company's warrants and units will be eligible for trading on the Pink Open Market operated by OTC under the symbols "CBRGF" and "CBGGF," respectively. There can be no assurance that a broker will continue to make a market in the Company's securities or that trading of the common stock will continue on an over-the-counter market or elsewhere.
Nasdaq will complete the delisting by filing a Form 25-NSE with the U.S. Securities and Exchange Commission (the "SEC"), which will remove the Company's securities from listing and registration on Nasdaq.
We do not expect the delisting to impact our ability to consummate the previously disclosed business combination with Phtytanix Bio (the "Phytanix Business Combination"). Regardless of where our securities are traded, the surviving Company will apply to list its securities on Nasdaq Capital Markets upon consummation of the Phytanix Business Combination. However, if the Phytanix Business Combination is not consummated, the delisting will have a material adverse impact on our ability to locate another target for an initial business combination, and would likely cause us to enter liquidation. If we are required to liquidate, our shareholders would not be able to realize the benefits of owning stock in a successor operating business, including the potential appreciation in the value of our stock and warrants following such a transaction, and our warrants would expire worthless.