Form 8-K - Current report
September 11 2023 - 4:06PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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):
September 11, 2023
CACTUS ACQUISITION CORP. 1 LTD.
(Exact Name of Registrant as Specified in its Charter)
Cayman Islands |
|
001-40981 |
|
N/A |
(State or other jurisdiction |
|
(Commission File Number) |
|
(I.R.S. Employer |
of incorporation) |
|
|
|
Identification No.) |
4B Cedar Brook Drive |
|
|
Cranbury, New Jersey |
|
08512 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(609) 495-2222
Registrant’s telephone number, including
area code
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
☐ |
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 |
Units, each consisting of one Class A ordinary share and one-half redeemable warrant |
|
CCTSU |
|
The Nasdaq Stock Market LLC |
Class A ordinary shares, par value $0.0001 per share |
|
CCTS |
|
The Nasdaq Stock Market LLC |
Redeemable warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
|
CCTSW |
|
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 a Continued
Listing Rule or Standard; Transfer of Listing.
On September 8, 2023, Cactus Acquisition Corp.
1 Ltd., a Cayman Islands exempted company (the “Company”), received a written notice (the “Notice”)
from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) 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”). The Notice is only a notification of deficiency,
not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on the Nasdaq Global
Market.
In accordance with Nasdaq Listing Rule 5810(c)(2)(A)(i),
the Notice states that the Company has 45 calendar days, or until October 23, 2023, to
submit a plan to regain compliance with the Minimum Total Holders Rule.
If the Company is unable
to regain compliance by that date, the Company intends to submit a plan to regain compliance with the Minimum Total Holders Rule within
the required timeframe. If Nasdaq accepts the Company’s plan, Nasdaq may grant the Company an extension of up to 180 calendar days
from the date of the Notice to evidence compliance with the Minimum Total Holders Rule. If Nasdaq does not accept the Company’s
plan, the Company will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel.
The
Company is monitoring the number of holders of its Class A ordinary shares and will consider options available to it to potentially achieve
compliance.
Forward Looking Statements
This Current Report on Form 8-K includes “forward-looking
statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.
Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,”
“intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,”
“seeks,” or other similar expressions. Such statements are subject to certain risks and uncertainties that may cause the Company’s
actual results to differ from the expectations expressed in the forward-looking statements. There can be no assurance that the Company
will achieve such expectations, including regaining compliance with the Minimum Total Holders Rule during any compliance period or in
the future, otherwise meeting Nasdaq compliance standards, being granted by Nasdaq any relief from delisting as necessary, or ultimately
meeting applicable Nasdaq requirements for any such relief. The forward-looking statements contained in this report speak only as of the
date of this report and the Company undertakes no obligation to publicly update any forward-looking statements to reflect changes in information,
events or circumstances after the date of this report, unless required by law.
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.
|
CACTUS ACQUISITION CORP.
1 LTD. |
|
|
|
By: |
/s/ Stephen T. Wills |
|
Name: |
Stephen T. Wills |
|
Title: |
Chief Financial Officer |
Date: September 11, 2023
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Sep. 11, 2023 |
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Document Period End Date |
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|
Entity File Number |
001-40981
|
Entity Registrant Name |
CACTUS ACQUISITION CORP. 1 LTD.
|
Entity Central Index Key |
0001865861
|
Entity Tax Identification Number |
00-0000000
|
Entity Incorporation, State or Country Code |
E9
|
Entity Address, Address Line One |
4B Cedar Brook Drive
|
Entity Address, City or Town |
Cranbury
|
Entity Address, State or Province |
NJ
|
Entity Address, Postal Zip Code |
08512
|
City Area Code |
609
|
Local Phone Number |
495-2222
|
Written Communications |
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Pre-commencement Tender Offer |
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Pre-commencement Issuer Tender Offer |
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Entity Emerging Growth Company |
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Elected Not To Use the Extended Transition Period |
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Units, each consisting of one Class A ordinary share and one-half redeemable warrant |
|
Title of 12(b) Security |
Units, each consisting of one Class A ordinary share and one-half redeemable warrant
|
Trading Symbol |
CCTSU
|
Security Exchange Name |
NASDAQ
|
Class A ordinary shares, par value $0.0001 per share |
|
Title of 12(b) Security |
Class A ordinary shares, par value $0.0001 per share
|
Trading Symbol |
CCTS
|
Security Exchange Name |
NASDAQ
|
Redeemable warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
|
Title of 12(b) Security |
Redeemable warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50
|
Trading Symbol |
CCTSW
|
Security Exchange Name |
NASDAQ
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