11/14/2024 | Press release | Distributed by Public on 11/14/2024 16:26
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On November 12, 2024, DP Cap Acquisition Corp I (the "Company") received a notice from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, as the Company was not able to complete a business combination within 36 months of the effectiveness of its IPO registration statement, or
November 8, 2024, as required under Nasdaq Listing Rule IM-5101-2 (the "Rule"), the Company did not comply with the Rule and its securities were subject to delisting. In that regard, the Staff has determined that the Company's securities will be delisted from trading on Nasdaq and will be suspended at the opening of business on November 19, 2024. The Notice indicated that the Company has the right to appeal the Staff's determination to a hearings panel. However, pursuant to Nasdaq Listing Rule5815(c)(1)(H), in the case of a company whose business plan is to complete one or more acquisitions, such as the Company, where the Notice is based on a failure to satisfy the requirement of the Rule to consummate a business combination within 36 months, the panel may only reverse the delisting decision where there has been a factual error applying the Rule. Based on the foregoing, the Company has decided not to appeal the suspension and delisting.
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