UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On July 11, 2024, Cartica Acquisition Corp, a Cayman Islands exempted company (the “Company”) received approval (the “Approval”) from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market (the “Nasdaq” or the “Staff”) that the Company’s application to transfer the listing of its Class A ordinary shares, warrants, and units from the Nasdaq Global Market to the Nasdaq Capital Market was approved. The Class A ordinary shares, warrants, and units were transferred to the Nasdaq Capital Market at the opening of business on July 12, 2024. The Company’s Class A ordinary shares, warrants, and units continue to trade under the symbols “CITE,” “CITEW,” and “CITEU” respectively. The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market, and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements.
As previously disclosed, the Company received a letter from Nasdaq on September 25, 2023 indicating that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(2), which requires the Company to maintain at least 400 total holders for continued listing on the Nasdaq Global Market (the “Minimum Total Holders Rule”). On April 16, 2024, the Company received a notice from the Staff indicating that the Company did not regain compliance with the Minimum Total Holders Rule during the maximum amount of time for the Company to regain such compliance pursuant to Nasdaq Listing Rule 5810(c)(2)(B)(i) and, therefore, would be subject to delisting from the Nasdaq. The Company timely requested a hearing to appeal the determination, and the hearing was held on May 23, 2024. On June 17, 2024, the Company received a written notice from the Hearing Panel (the “Panel”) indicating it has granted the Company's request for continued listing on the Nasdaq and transfer of its securities to the Nasdaq Capital Market from the Nasdaq Global Market, subject to the obligation that, on or before June 28, 2024, the Company will demonstrate compliance with Listing Rule 5450(a)(2). After the transfer of listing of the Company’s securities to the Nasdaq Capital Market, the Company received a letter from Nasdaq on July 26, 2024 indicating that the Company had demonstrated compliance with the Minimum Total Holders Rule, and thus the Panel has determined to continue the listing of the Company’s securities on Nasdaq.
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.
| Cartica Acquisition Corp | ||
| Date: August 1, 2024 | By: | /s/ Suresh Guduru |
| Name: | Suresh Guduru | |
| Title: | Chairman and Chief Executive Officer | |