ConnectM Faces Delisting Notice
Ticker: CNTM · Form: 8-K · Filed: Sep 10, 2024 · CIK: 1895249
Sentiment: bearish
Topics: delisting, listing-standards, corporate-action
TL;DR
ConnectM's stock is at risk of being delisted.
AI Summary
ConnectM Technology Solutions, 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 4, 2024. The company was formerly known as Monterey Capital Acquisition Corp. and changed its name on November 23, 2021.
Why It Matters
This filing indicates potential issues with ConnectM's continued listing on an exchange, which could impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a significant negative event that can lead to the stock being removed from an exchange.
Key Players & Entities
- ConnectM Technology Solutions, Inc. (company) — Registrant
- Monterey Capital Acquisition Corp. (company) — Former company name
- September 4, 2024 (date) — Earliest event reported
- September 10, 2024 (date) — Filing date
- November 23, 2021 (date) — Date of name change
FAQ
What specific listing rule or standard has ConnectM Technology Solutions, Inc. failed to satisfy?
The filing does not specify the exact rule or standard that ConnectM has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
When did the notice of delisting or failure to satisfy a continued listing rule or standard become effective?
The notice became effective as of September 4, 2024.
What was ConnectM Technology Solutions, Inc. previously named?
ConnectM Technology Solutions, Inc. was formerly named Monterey Capital Acquisition Corp.
When did the company change its name from Monterey Capital Acquisition Corp. to ConnectM Technology Solutions, Inc.?
The company changed its name on November 23, 2021.
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.
Filing Stats: 578 words · 2 min read · ~2 pages · Grade level 12.8 · Accepted 2024-09-10 16:46:18
Key Financial Figures
- $0.0001 — ch registered Common stock, par value $0.0001 per share CNTM The Nasdaq Stock Mar
- $50,000,000 m — ed securities failed to comply with the $50,000,000 market value of listed securities (" MVLS
- $50,000,000 — , the MVLS of the Company must close at $50,000,000 or more for a minimum of ten consecutiv
Filing Documents
- tm2423727d1_8k.htm (8-K) — 25KB
- 0001104659-24-098624.txt ( ) — 196KB
- cntm-20240904.xsd (EX-101.SCH) — 3KB
- cntm-20240904_lab.xml (EX-101.LAB) — 33KB
- cntm-20240904_pre.xml (EX-101.PRE) — 22KB
- tm2423727d1_8k_htm.xml (XML) — 4KB
01. Notice of Delisting or Failure to
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing rule or Standard; Transfer of Listing. On September 4, 2024, ConnectM Technology Solutions, Inc., a Delaware corporation (the " Company "), received a notice (the " Notice ") from the Nasdaq Stock Market LLC (" Nasdaq "), stating that the Company's listed securities failed to comply with the $50,000,000 market value of listed securities (" MVLS ") requirement for continued listing on the Global Market tier of Nasdaq in accordance with Nasdaq Listing Rule 5450(b)(2)(A) based upon the Company's MVLS for the 30 consecutive business days prior to the date of the Notice. The Notice has no immediate effect on the listing of the Company's securities on Nasdaq and in accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided a period of 180 calendar days, or until March 3, 2025, in which to regain compliance. In order to regain compliance, the MVLS of the Company must close at $50,000,000 or more for a minimum of ten consecutive business days during this 180-day period. In the event the Company does not regain compliance with the MVLS requirement prior to March 3, 2025, the Company's securities will be subject to delisting. There can be no assurance that the Company will be able to regain compliance with the MVLS requirement, or maintain compliance with the other Nasdaq continued listing requirements. 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. Dated: September 10, 2024 CONNECTM TECHNOLOGY SOLUTIONS, INC. By: /s/ Bhaskar Panigrahi Name: Bhaskar Panigrahi Title: Chief Executive Officer