Clean Energy Special Situations Corp. Receives Notice from Nasdaq Regarding Suspension of Trading of Securities and Plans to File for Hearing
April 29 2024 - 4:01PM
Clean Energy Special Situations Corp. (the “Company”) announced
that, on April 23, 2024, it received a notification letter (the
“Notification Letter”) from the staff of the Listing Qualifications
Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”)
indicating that the Company was not in compliance with Nasdaq’s
continued listing standards (the “Rules”), because the Company had
not paid certain fees required by Listing Rule 5250(f).
Additionally, the Staff noted that the Company had failed to file
its Annual Report on Form 10-K for the period ended December 31,
2023 (the “2023 Form 10-K”), which serves as an additional and
separate basis for delisting under Listing Rule 5810(d)(2). The
Notification Letter further noted that if the Company did not elect
to appeal the Staff’s determination to a Nasdaq Hearings Panel
pursuant to the procedures set forth in the Nasdaq Listing Rule
5800 Series, then trading of the Company’s common stock, par value
$0.0001 per share (the “Common Stock”) would be suspended at the
opening of business on May 2, 2024 and that a Form 25-NSE would be
filed with the Securities and Exchange Commission (the “SEC”)
removing the Company’s securities, including the Common Stock, from
listing and registration on Nasdaq (the “Delisting”).
The Company plans to timely request a hearing to
appeal the Staff’s determination before a Nasdaq Hearings Panel,
which will stay the suspension of the Company’s securities for only
for a period of 15 days from the date of the request. When the
Company requests a hearing, it also plans on requesting a stay of
the suspension, pending the hearing.
The Company is considering all options available
to it to ensure compliance with all applicable criteria for
continued listing on Nasdaq. There can be no assurance, however,
that the Nasdaq Hearings Panel will grant the Company’s request for
continued listing or that the Company will evidence compliance
within any extension period that may be granted by the Nasdaq
Hearings Panel. There can be no assurance that the appeal will be
successful.
About Clean Energy Special Situations
Corp.
Clean Energy Special Situations Corp. is a blank
check company formed for the purpose of effecting a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses or
entities.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “estimate,” “plan,” “project,” “forecast,” “intend,”
“will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”,
“intend”, “predict”, “should”, “would”, “predict”, “potential”,
“seem”, “future”, “outlook” or other similar expressions (or
negative versions of such words or expressions) that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements are not
guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements.
Contact Information:
Raghunath KilambiChief Executive
Officerrkilambi@kirarv.com
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