Concord Acquisition Corp II Faces Nasdaq Delisting
Ticker: CNDAW · Form: 8-K · Filed: Nov 15, 2024 · CIK: 1851959
| Field | Detail |
|---|---|
| Company | Concord Acquisition CORP II (CNDAW) |
| Form Type | 8-K |
| Filed Date | Nov 15, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001, $11.50 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, spac
Related Tickers: CNDA
TL;DR
CNDA is getting kicked off Nasdaq for not meeting bid price rules, has a week to fight it.
AI Summary
Concord Acquisition Corp II (CNDA) announced on November 13, 2024, that it will be delisted from the Nasdaq Capital Market. The company failed to meet the minimum bid price requirement for continued listing. CNDA has until November 20, 2024, to appeal this decision.
Why It Matters
This delisting could significantly impact the liquidity and trading of Concord Acquisition Corp II's securities, potentially affecting investors' ability to buy or sell shares.
Risk Assessment
Risk Level: high — Delisting from a major exchange like Nasdaq poses a significant risk to the company's ability to raise capital and the liquidity of its shares.
Key Numbers
- 11.50 — Warrant Exercise Price (This is the price at which warrants can be exercised, relevant to the company's capital structure.)
Key Players & Entities
- Concord Acquisition Corp II (company) — Registrant
- Nasdaq Capital Market (company) — Exchange where CNDA is listed
- November 13, 2024 (date) — Date of delisting notice
- November 20, 2024 (date) — Deadline for appeal
FAQ
What is the specific reason for Concord Acquisition Corp II's delisting from the Nasdaq Capital Market?
Concord Acquisition Corp II is being delisted because it failed to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
What is the deadline for Concord Acquisition Corp II to appeal the delisting decision?
The company has until November 20, 2024, to appeal the delisting decision.
What is the ticker symbol for Concord Acquisition Corp II?
The ticker symbol for Concord Acquisition Corp II is CNDA.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is November 13, 2024.
What is the state of incorporation for Concord Acquisition Corp II?
Concord Acquisition Corp II is incorporated in Delaware.
Filing Stats: 897 words · 4 min read · ~3 pages · Grade level 13 · Accepted 2024-11-15 16:08:59
Key Financial Figures
- $0.0001 — Pink Class A Common Stock, par value $0.0001 per share CNDA OTCQX Warrants, ea
- $11.50 — A Common Stock at an exercise price of $11.50 CNDAW OTCQB Indicate by check mar
Filing Documents
- tm2428574d1_8k.htm (8-K) — 33KB
- 0001104659-24-119710.txt ( ) — 258KB
- cnda-20241113.xsd (EX-101.SCH) — 4KB
- cnda-20241113_def.xml (EX-101.DEF) — 27KB
- cnda-20241113_lab.xml (EX-101.LAB) — 37KB
- cnda-20241113_pre.xml (EX-101.PRE) — 26KB
- tm2428574d1_8k_htm.xml (XML) — 7KB
01
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing As previously disclosed, on September 3, 2024, Concord Acquisition Corp II (the "Company") received a letter from the NYSE American LLC ("NYSE American" or the "Exchange") stating that the staff of NYSE Regulation (the "Staff") has determined to commence proceedings to delist the Company's Class A Common Stock, Units and Warrants (collectively, the "Securities") pursuant to Sections 119(b) and 119(f) of the NYSE American Company Guide because the Company failed to consummate a business combination within 36 months of the effectiveness of its initial public offering registration statement, or such shorter period that the Company specified in its registration statement. As indicated in the letter, the Company has a right to a review of the delisting determination by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange (the "Panel"). The Company timely requested a hearing before the Panel to request sufficient time to complete a business combination, which was held on November 7, 2024. The Panel's hearing considered written and oral presentations made by the Company and the Staff. On November 13, 2024, the Panel issued written notice of its decision stating that the Panel upholds the Staff's determination to initiate delisting proceedings. The Company may request that the full Committee for Review of NYSE American (the "Committee for Review") reconsider the decision of the Panel. The Company does not intend to have the full Committee for Review reconsider the decision of the Panel. NYSE American will complete the delisting by filing a Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), on Form 25 with the U.S. Securities and Exchange Commission. The Company's Class A common stock, par value $0.0001 per sha
01
Item 9.01. Financial (d) Exhibits. Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 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. CONCORD ACQUISITION CORP Ii By: /s/ Jeff Tuder Name: Jeff Tuder Title: Chief Executive Officer Date: November 15, 2024