Currenc Group Inc. Faces Delisting Concerns
Ticker: CURR · Form: 8-K · Filed: Oct 22, 2024 · CIK: 1862935
| Field | Detail |
|---|---|
| Company | Currenc Group Inc. (CURR) |
| Form Type | 8-K |
| Filed Date | Oct 22, 2024 |
| Risk Level | high |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001, $15 million |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-rules, compliance
TL;DR
Currenc Group Inc. might get delisted - filing shows listing rule issues.
AI Summary
Currenc Group Inc. filed an 8-K on October 22, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, with the earliest event reported on October 18, 2024. The company was formerly known as InFinT Acquisition Corp. and changed its name on May 18, 2021. Its principal executive offices are located in Singapore.
Why It Matters
This filing indicates potential issues with Currenc Group Inc.'s compliance with stock exchange listing requirements, which could lead to its shares being delisted.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's stock trading status and investor confidence.
Key Players & Entities
- Currenc Group Inc. (company) — Registrant
- October 18, 2024 (date) — Earliest event reported
- October 22, 2024 (date) — Filing date
- InFinT Acquisition Corp. (company) — Former company name
- May 18, 2021 (date) — Date of name change
- Singapore (location) — Principal executive offices location
FAQ
What specific listing rule or standard has Currenc Group Inc. failed to satisfy?
The filing does not specify the exact rule or standard that Currenc Group Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the earliest date of the event reported in this 8-K filing?
The earliest date of the event reported is October 18, 2024.
When was Currenc Group Inc. formerly known as InFinT Acquisition Corp.?
Currenc Group Inc. was formerly known as InFinT Acquisition Corp. and the date of the name change was May 18, 2021.
Where are Currenc Group Inc.'s principal executive offices located?
Currenc Group Inc.'s principal executive offices are located at 410 North Bridge Road, City Hall, Singapore, 188726.
What is the filing date of this 8-K report?
This 8-K report was filed on October 22, 2024.
Filing Stats: 1,077 words · 4 min read · ~4 pages · Grade level 15.3 · Accepted 2024-10-22 16:10:37
Key Financial Figures
- $0.0001 — registered Ordinary shares, par value $0.0001 per share CURR The Nasdaq Stock Mar
- $15 million — ares ("MVPHS") was below the minimum of $15 million required for continued listing on The N
Filing Documents
- form8-k.htm (8-K) — 46KB
- 0001493152-24-042060.txt ( ) — 269KB
- ifin-20241018.xsd (EX-101.SCH) — 3KB
- ifin-20241018_def.xml (EX-101.DEF) — 29KB
- ifin-20241018_lab.xml (EX-101.LAB) — 35KB
- ifin-20241018_pre.xml (EX-101.PRE) — 26KB
- form8-k_htm.xml (XML) — 5KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): October 18, 2024 Currenc Group Inc. (Exact name of registrant as specified in its charter) Cayman Islands 001-41079 98-1602649 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 410 North Bridge Road , SPACES Singapore 188726 (Address of principal executive offices) (Zip Code) +65 6407-7362 (Registrant's telephone number, including area code) INFINT Acquisition Corporation 32 Broadway , Suite 401 New York , New York 10004 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Ordinary shares, par value $0.0001 per share CURR The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 3.01 Notice of Delisting or Failure to Satisfy Continued Listing Rule or Standard; Transfer of Listing. On October 18, 2024, Currenc Group Inc. (the "Company") received a letter (the "MVPHS Deficiency Notice") from the listing qualifications department staff (the "Staff") of The Nasdaq Stock Market ("Nasdaq") notifying the Company that from September 3, 2024 to October 17, 2024, the Company's Market Value of Publicly Held Shares ("MVPHS") was below the minimum of $15 million required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5450(b)(2)(C) (the "MVPHS Requirement"). The MVPHS Deficiency Notice has no immediate effect on the listing of the Company's common stock, and the Company's common stock continues to trade on the Nasdaq Capital Market under the symbol "CURR." In accordance with Nasdaq Listing Rule 5810(c)(3)(d), the Company has 180 calendar days from the date of the MVPHS Deficiency Notice, or until April 16, 2025 (the "Compliance Date"), to regain compliance with respect to the MVPHS Requirement. The MVPHS Deficiency Notice states that to regain compliance with the MVPHS Requirement, the Company's MVPHS must close at $15 million or more for a minimum of ten consecutive business days during the compliance period ending on the Compliance Date. If the Company does not regain compliance by the Compliance Date, Nasdaq will provide written notice to the Company that its securities are subject to delisting. At that time, the Company may appeal any such delisting determination. However, there can be no assurance that, if the Company receives a delisting notice from the Staff and appeals the delisting determination, such appeal would be successful. Alternatively, the Company may consider applying for transfer to The Nasdaq Capital Market (the "Capital Market"). The Company intends to actively monitor the Company's MVPHS between now and the Compliance Date and will take all reasonable measures available to the Company to regain compliance with the MVPHS Requirement. While the Company is exercising diligent efforts to maintain the listing of its common stock on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with the applicable continued listing standards set forth in the Nasdaq Listing Rules. Cautionary This Current Report on Form 8-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the Company's ability to regain compliance with the MVPHS Requirement; the Company's intent to monitor its MVP