Plum Acquisition Corp. III Faces Nasdaq Listing Rule Violation
Ticker: PLMWF · Form: 8-K · Filed: May 28, 2024 · CIK: 1845550
Sentiment: bearish
Topics: listing-rule-violation, spac, delisting-risk
Related Tickers: PLMJ
TL;DR
PLMJ got a notice from Nasdaq for not meeting listing rules. Uh oh.
AI Summary
Plum Acquisition Corp. III announced on May 23, 2024, that it received a notice from the Nasdaq Stock Market indicating a failure to meet continued listing requirements. The company is a "blank check" company, also known as a special purpose acquisition company (SPAC), and is currently listed under the ticker symbol PLMJ.
Why It Matters
This filing signals potential delisting for Plum Acquisition Corp. III, which could impact its investors and its ability to trade on a major exchange.
Risk Assessment
Risk Level: medium — Failure to meet listing requirements can lead to delisting, which poses a significant risk to the company and its shareholders.
Key Players & Entities
- Plum Acquisition Corp. III (company) — Registrant
- Nasdaq Stock Market (company) — Exchange issuing notice
- PLMJ (company) — Ticker symbol
FAQ
What specific continued listing rule did Plum Acquisition Corp. III fail to meet?
The filing states that Plum Acquisition Corp. III received a notice from the Nasdaq Stock Market indicating a failure to meet continued listing requirements, but does not specify which particular rule was violated.
When did Plum Acquisition Corp. III receive this notice?
The earliest event reported in the filing is May 23, 2024, which is the date the company received the notice.
What is the ticker symbol for Plum Acquisition Corp. III?
The ticker symbol for Plum Acquisition Corp. III is PLMJ.
What type of company is Plum Acquisition Corp. III?
Plum Acquisition Corp. III is a "blank check" company, also known as a special purpose acquisition company (SPAC).
What is the potential consequence of failing to meet Nasdaq's continued listing requirements?
The potential consequence is delisting from the Nasdaq Stock Market.
Filing Stats: 663 words · 3 min read · ~2 pages · Grade level 12.2 · Accepted 2024-05-28 16:11:46
Key Financial Figures
- $0.0001 — ncluded as part of the Units, par value $0.0001 per share PLMJ The Nasdaq Stock Mar
- $11.50 — ordinary share at an exercise price of $11.50 PLMJW The Nasdaq Stock Market LLC
Filing Documents
- ea0206807-8k_plumacq3.htm (8-K) — 29KB
- 0001213900-24-047080.txt ( ) — 257KB
- plmj-20240523.xsd (EX-101.SCH) — 4KB
- plmj-20240523_def.xml (EX-101.DEF) — 27KB
- plmj-20240523_lab.xml (EX-101.LAB) — 38KB
- plmj-20240523_pre.xml (EX-101.PRE) — 26KB
- ea0206807-8k_plumacq3_htm.xml (XML) — 8KB
01 Notice of Delisting or Failure to Satisfy a Continued
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On May 23, 2024, Plum Acquisition Corp. III (the "Company") received a written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company has failed to comply with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required quarterly financial reports with the Securities and Exchange Commission (the "Commission"). This notification has no immediate effect on the listing of the Company's shares on Nasdaq. However, if the Company fails to timely regain compliance with the Nasdaq Listing Rule, the Company's shares will be subject to delisting from Nasdaq. The Company has until June 24, 2024 to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Company's Form 10-K, as described in the delinquency letter received on April 23, 2024 (the "Initial Delinquent Filing"), to regain compliance, or September 27, 2024. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel. The Company is working diligently to file the Form 10-Q before June 24, 2025, which would eliminate the need for the Company to submit a formal plan to regain compliance. 1
SIGNATURES
SIGNATURES 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 thereunto duly authorized. PLUM ACQUISITION CORP. III Date: May 28, 2024 By: /s/ Kanishka Roy Name: Kanishka Roy Title: President and Chief Executive Officer 2