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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price of $11.50 per share |
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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).
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On June 10, 2024, The Nasdaq Stock Market LLC (“Nasdaq”) notified Capitalworks Emerging Markets Acquisition Corp. (the “Company”) that the Nasdaq Hearings Panel (the “Panel”) has determined to delist the Company’s units, Class A ordinary shares and warrants and that trading of the Company’s securities will be suspended at the open of trading on June 12, 2024.
As previously reported, on September 7, 2023, the Company received a written notice from the Nasdaq Listing Qualifications Department 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”). Pursuant to Nasdaq Listing Rule 5810(c)(2)(B)(i), the maximum amount of time for the Company to regain compliance with the Minimum Total Holders Rule was 180 days, or until March 5, 2024 (the “Extension Period”). On March 15, 2024, the Company submitted an application to transfer its securities to the Nasdaq Capital Market and paid a $5,000 application fee. Nasdaq indicated that the Company does not currently meet the 300 public holder requirement for continued listing on the Nasdaq Capital Market. On April 18, 2024, the Company received a notice (the “Notice”) from Nasdaq indicating that the Company did not regain compliance with the Minimum Total Holders Rule during the Extension Period. Pursuant to the Notice, unless the Company requested a hearing before the Panel by April 25, 2024, the Company’s securities would be subject to suspension and delisting from the Nasdaq Global Market at the opening of business on April 29, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on Nasdaq. The Company timely requested the hearing, which was held before the Panel on June 6, 2024.
In connection with the Nasdaq delisting notice, Nasdaq will complete the delisting by filing a Form 25 Notification of Delisting with the SEC after applicable appeal periods have lapsed. In the interim, the Company expects its securities will be eligible for quotation on the OTC Pink Market under their existing symbols, “CMCAU,” “CMCA” and “CMCAW.”
The Company has 15 days after the date it received notice of the Panel’s decision to request that the Nasdaq Listing and Hearing Review Council review the decision, or the Council may, on its own motion, determine to review the Panel’s decision within 45 calendar days after the Company was notified of the decision.
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: June 11, 2024
Capitalworks Emerging Markets Acquisition Corp | ||
By: | /s/ Suresh Guduru | |
Name: | Suresh Guduru | |
Title: | Chief Executive Officer |
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