Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On March 23, 2023, Blue Safari Group Acquisition Corp. (the "Company") received
a letter (the "MVLS Notice") from the Listing Qualifications Department (the
"Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that
for the last 30 consecutive business days prior to the date of the MVLS Notice,
the Company's Minimum Market Value of Listed Securities ("MVLS") was less than
$35.0 million, which does not meet the requirement for continued listing on The
Nasdaq Capital Market, as required by Nasdaq Listing Rule 5550(b)(2) (the "MVLS
Rule"). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Staff has
provided the Company with 180 calendar days, or until September 19, 2023, to
regain compliance with the MVLS Rule. The MVLS Notice has no immediate effect on
the listing of the Company's securities on The Nasdaq Capital Market.
If the Company regains compliance with the MVLS Rule, the Staff will provide
written confirmation to the Company and close the matter. To regain compliance
with the MVLS Rule, the Company's MVLS must meet or exceed $35.0 million for a
minimum of ten consecutive business days during the 180-day compliance period
ending on September 19, 2023. In the event the Company does not regain
compliance with the MVLS Rule prior to the expiration of the compliance period,
it will receive written notification that its securities are subject to
delisting. At that time, the Company may appeal the delisting determination to a
Hearings Panel.
The Company will continue to monitor its MVLS and consider its available options
to regain compliance with the MVLS Rule. However, there can be no assurance that
the Company will be able to regain compliance with the MVLS Rule.
2© Edgar Online, source Glimpses
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