Breeze Acquisition Corp. II Faces Nasdaq Delisting Threat Over Late Filings
BREZ is trading near its 52-week low of $9.9 (1.0% above the low).
Summary
Breeze Acquisition Corp. II has lost compliance with Nasdaq listing rules after failing to file quarterly reports for the periods ending March 31 and June 30. The company now has 30 days, until Sept. 21, to submit a plan to regain compliance, and could receive up to 180 days from the original due date, or until Dec. 28, if Nasdaq accepts the plan. This follows the 8-K filed earlier today disclosing the non-compliance notice. The delisting risk is material for a SPAC trading near its 52-week high, as failure to regain compliance could force a move to over-the-counter markets. The company says it plans to take steps to regain compliance as soon as practicable.
At the time of this announcement, BREZ was trading at $10.00 on NASDAQ in the Finance sector, with a market capitalization of approximately $144.5M. The 52-week trading range was $9.90 to $10.00. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.