NEW YORK, Sept. 9, 2024 /PRNewswire/ -- Mountain & Co. I Acquisition Corp. (the "Company") announces that on September 3, 2024, the Company received a letter (the "Letter") from the NASDAQ Stock Market ("Nasdaq") notifying the Company that Nasdaq Listing Qualifications Staff ("Staff") have determined to deny the Company's request for continued listing on The Nasdaq Stock Market.
On June 5, 2024, Staff notified the Company the Company that it was not in compliance with Nasdaq's Listing Rule 5250(c)(1) (the "Filing Requirement") due to the delay in the filing of the Company's Form 10-Q for the period ended March 31, 2024. On August 2, 2024, The Company submitted a plan (the "Plan") to regain compliance with the Filing Requirement. Subsequently, the Company also failed to timely file its Form 10-Q for the period ended June 30, 2024.
Further to the non-compliance with the Filing Requirement, the Letter also cites that due to the resignations of Mr. Miles Gilburne and Dr. Philipp Rösler from the Company's board on June 26, 2024, and August 9, 2024, respectively, the Company is in non-compliance with Nasdaq's Board Independence, Audit Committee Composition, and Compensation Committee Composition requirements set forth by Listing Rules 5606(b)(1), 5605(c)(2), and 5605(d)(2). According to the Letter, these corporate governance deficiencies constitute additional bases for delisting.
Unless the Company requests an appeal of Staff's determination by September 10, 2024, trading of the Company's Class A Ordinary Shares, Warrants, and Units will be suspended at the opening of business on September 12, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which would remove the Company's securities from listing and registration on the Nasdaq Stock Market.
The Company to timely appeal Staff's determination to a Hearings Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. A request for a hearing regarding a delinquent filing will stay the suspension of the Company's securities for a period of 15 days from the date of the request. When the Company requests a hearing, it intends to also request a stay of the suspension, pending the hearing. A Panel will review the request for an extended stay and notify the Company of its conclusion as soon as is practicable but, in any event, no later than 15 calendar days following the deadline to request the hearing.
At the Panel hearing, the Company intends to present a strategic plan to regain compliance with the applicable Nasdaq Listing Rules. In the interim, the Company's securities will continue to trade on Nasdaq. There can be no assurance that the Company's plan will be accepted by the Panel or that, if it is, the Company will be able to regain compliance with the applicable Nasdaq Listing Rules. If the Company's securities are delisted, it could be more difficult to buy or sell the Company's securities or to obtain accurate quotations, and the price of the Company's securities could suffer a material decline.
About Mountain & Co. I Acquisition Corp.
Mountain & Co. I Acquisition Corp. is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. MCAA is listed on the NASDAQ under the ticker "MCAA."
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to MCAA. In some cases, you can identify forward-looking statements by the following words: "budget," "may," "will," "could," "would," "should," "forecast," "future," "might," "outlook," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "seek" or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans as they relate to the proposed transaction, are also forward-looking statements. These forward-looking statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Most of these factors are outside MCAA's control and are difficult to predict. Forward-looking statements in this communication include, but are not limited to, statements regarding the identification of a target business and a potential business combination or other such transaction. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, those included under the heading "Risk Factors" in the annual report on Form 10-K for year ended December 31, 2023 of MCAA and in its subsequent quarterly reports on Form 10-Q and other filings with the SEC.
CONTACT: Felix Exner, [email protected]
SOURCE Mountain & Co. I Acquisition Corp.
