In an 8-K filed with the SEC on October 2nd, 2017, Atlantic Alliance Partnership Corp. (NASDAQ:AAPC) disclosed that on September 26, 2017, the company received a written notice from the Nasdaq indicating that they did not satisfy listing requirements. This notice from Nasdaq serves as a follow-up from the listing qualifications notice and subsequent extension that AAPC received this spring.
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As previously disclosed in the Form 8-K filed on April 4, 2017 by AAPC, on March 29, 2017, the company received a written notice from the Listing Qualifications Department of the Nasdaq indicating that the staff of Nasdaq determined that AAPC did not comply with Listing Rule 5550(a)(3), a.k.a. the “Minimum Holders Rule”, which requires the company to have at least 300 public holders of its ordinary shares for continued listing on Nasdaq.
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Subsequently, upon the company’s request, the Nasdaq granted AAPC an extension to comply with the Minimum Holders Rule until September 25, 2017. As we learned in the filing yesterday, AAPC still has yet to meet these continued listing requirements.
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If the company does not appeal this determination, the trading of AAPC ordinary shares will be suspended at the opening of trading on Thursday, October 5, 2017 and the company’s securities would be subsequently removed from listing and registration on The Nasdaq Stock Market.
Related: AAPC to Merge with Kalyx Development
Back in May, Atlantic Alliance Partnership Corp. and Kalyx Development Inc., a private real estate investment trust focused on owning and operating commercial real estate facilities leased to cultivators, processors and/or distributors in the regulated U.S. cannabis industry, announced that they entered into a merger agreement under which, subject to certain closing conditions, Kalyx will merge with and into AAPC.
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As we anxiously await further developments regarding this reverse merger, we'll be sure to update readers as new developments are released. Be sure to subscribe to one or more of our free e-mail newsletters so you never miss an important marijuana stock update. Also, don't forget to connect with The Daily Marijuana Observer on social media via Facebook, Twitter, StockTwits, YouTube, and Instagram.