Item 3.01.Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On May 17, 2023, SHUAA Partners Acquisition Corp I (the "Company") received a
notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") notifying the
Company that, because it does not have 400 or more shareholders, the Company is
not in compliance with the total shareholder requirement for continued listing
set forth in Nasdaq Listing Rule 5450(a)(2) (the "Rule").
Under the Nasdaq Listing Rules, the Company has 45 calendar days from receipt of
the Notice, or until July 3, 2023, to submit a plan to regain compliance with
the Rule. However, there can be no assurance that Nasdaq will accept the
Company's plan to regain compliance or that the Company will be able to regain
compliance within the extension period granted by Nasdaq. If Nasdaq does not
accept the Company's plan, then the Company will have the opportunity to appeal
that decision to a Nasdaq hearings panel. The Notice received from Nasdaq has no
immediate effect on the listing or trading of the Company's shares. However, if
the Company fails to timely regain compliance with the Rule, the Company's
securities will be subject to delisting from Nasdaq.
Additionally, on May 8, 2023, the Company applied to transfer the listing of its
Class A common stock, units and redeemable warrants from The Nasdaq Global
Market tier to The Nasdaq Capital Market tier, which requires a minimum of 300
public shareholders (the "Transfer"). The Nasdaq Capital Market is a continuous
trading market that operates in substantially the same manner as The Nasdaq
Global Market.
On May 17, 2023, the Company received confirmation that Nasdaq had approved the
Transfer and that the Company's common stock, units and redeemable warrants will
begin trading on The Nasdaq Capital Market effective at the open of trading on
May 24, 2023. The Company's common stock, units and redeemable warrants will
continue to trade under the symbols "SHUA," "SHUAU" and "SHUAW," respectively.
Forward-Looking Statements
Certain matters discussed in this Current Report on Form 8-K constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements relating to the Transfer.
These forward-looking statements involve many risks and uncertainties that could
cause actual results to differ materially from those expressed or implied by
such statements, including, without limitation, that the Company's common stock,
units and redeemable warrants will continue to trade under the symbols "SHUA,"
"SHUAU" and "SHUAW," respectively. These forward-looking statements speak only
as of the date hereof, and the Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in its expectations with regard
thereto or any change in events, conditions or circumstances on which any such
statement is based. Please refer to the publicly filed documents of the Company,
including its most recent Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q, for risks and uncertainties related to the Company's business which
may affect the statements made in this this Current Report on Form 8-K.
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