Aeries Technology Faces Delisting Notice
Ticker: AERTW · Form: 8-K · Filed: Sep 10, 2024 · CIK: 1853044
Sentiment: bearish
Topics: delisting, compliance, listing-rules
Related Tickers: AERT
TL;DR
AERT got a delisting notice, trading might be toast.
AI Summary
Aeries Technology, Inc. filed an 8-K on September 10, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, effective September 5, 2024. The company was formerly known as Worldwide Webb Acquisition Corp. and changed its name on March 24, 2021.
Why It Matters
This filing indicates potential issues with Aeries Technology's compliance with stock exchange listing requirements, which could impact its stock's tradability and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain listed on a stock exchange, posing a significant risk to its operations and shareholder value.
Key Players & Entities
- Aeries Technology, Inc. (company) — Registrant
- Worldwide Webb Acquisition Corp. (company) — Former name
- September 5, 2024 (date) — Effective date of notice
- September 10, 2024 (date) — Filing date
- March 24, 2021 (date) — Date of name change
FAQ
What specific listing rule or standard did Aeries Technology, Inc. fail to satisfy?
The filing does not specify the exact rule or standard that was not met, only that a notice of delisting or failure to satisfy a continued listing rule or standard was issued.
What is the effective date of the delisting notice?
The notice of delisting or failure to satisfy a continued listing rule or standard is effective as of September 5, 2024.
When was Aeries Technology, Inc. formerly known as Worldwide Webb Acquisition Corp.?
Aeries Technology, Inc. was formerly known as Worldwide Webb Acquisition Corp. and changed its name on March 24, 2021.
What is the filing date of this 8-K report?
This 8-K report was filed on September 10, 2024.
What is the primary purpose of this 8-K filing?
The primary purpose of this 8-K filing is to report a notice of delisting or failure to satisfy a continued listing rule or standard, and also includes Regulation FD Disclosure and Financial Statements and Exhibits.
Filing Stats: 1,166 words · 5 min read · ~4 pages · Grade level 15.2 · Accepted 2024-09-10 17:15:30
Key Financial Figures
- $0.0001 — ed Class A ordinary shares, par value $0.0001 per share AERT Nasdaq Capital Marke
- $11.50 — ordinary share at an exercise price of $11.50 AERTW Nasdaq Capital Market Indic
Filing Documents
- aeriestech_8k.htm (8-K) — 34KB
- aeriestech_ex99-1.htm (EX-99.1) — 7KB
- 0001829126-24-006200.txt ( ) — 262KB
- aert-20240905.xsd (EX-101.SCH) — 4KB
- aert-20240905_def.xml (EX-101.DEF) — 26KB
- aert-20240905_lab.xml (EX-101.LAB) — 36KB
- aert-20240905_pre.xml (EX-101.PRE) — 25KB
- aeriestech_8k_htm.xml (XML) — 6KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing As previously disclosed in a Form 12b-25 Notification of Late Filing (the "Form 12b-25") filed by Aeries Technology, Inc. (the "Company") on August 15, 2024, the Company is delayed in filing its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the "Fiscal 2025 First Quarter Form 10-Q") with the U.S. Securities and Exchange Commission (the "SEC"). On September 5, 2024, the Company received a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, because the Company is delinquent in filing its Fiscal 2025 First Quarter Form 10-Q and remains delinquent in filing its Annual Report on Form 10-K for the year ended March 31, 2024 (the "Fiscal 2024 Form 10-K"), the Company does not comply with Nasdaq Listing Rule 5250(c)(1), which requires companies with securities listed on Nasdaq to timely file all required periodic reports with the SEC. The Notice has no immediate effect on the listing or trading of the Company's Class A ordinary shares or publicly traded warrants on the Nasdaq Capital Market. In accordance with the Notice, the Company has until September 30, 2024 to submit a plan of compliance (the "Plan") to Nasdaq addressing how the Company intends to regain compliance with Nasdaq's listing rules with respect to the delinquent reports, and Nasdaq has the discretion to grant the Company up to 180 calendar days from the due date of the Fiscal 2024 Form 10-K, or January 13, 2025, to regain compliance. While the Company cannot provide specific timing, it is working diligently to complete and file the Fiscal 2025 First Quarter Form 10-Q and the Fiscal 2024 Form 10-K as soon as practicable. The Company intends to submit the Plan to Nasdaq if necessary and take the appropriate steps to regain compliance with Nasdaq's listing rules as promptly as possible.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure On September 10, 2024, the Company issued a press release disclosing the receipt of the Notice. A copy of the press release is being furnished herewith as Exhibit 99.1. The information furnished in this Item 7.01 and Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing. Caution Regarding Forward-Looking Statements This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as "could," "estimate," "expect," "intend," "may," "plan," "potentially," or "will" or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to the Company's plan to regain compliance with Nasdaq's rules, the Company's plans and expectations about the completion and filing of the Fiscal 2025 First Quarter Form 10-Q and the Fiscal 2024 Form 10-K, and the timing thereof. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including but not limited to the timing of the Company's submission of a compliance plan, Nasdaq's acceptance of any such plan, and the duration of any extension that may be granted by Nasdaq; the potential inability to meet Nasdaq's requirements; uncertainties associated with the Company's preparation of the Fiscal 2025 First Quarter Form 10-Q, the Fiscal 2024 Fo
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 99.1 Press Release Dated September 10, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: September 10, 2024 AERIES TECHNOLOGY, INC. A Cayman Islands exempted company By: /s/ Rajeev Nair Name: Rajeev Nair Title: Chief Financial Officer 3