false 0001844507 0001844507 2024-07-25 2024-07-25 0001844507 AVHI:UnitsEachConsistingOfOneShareOfCommonStockParValue0.0001PerShareAndOneRedeemableWarrantMember 2024-07-25 2024-07-25 0001844507 AVHI:CommonStockParValue0.0001PerShareMember 2024-07-25 2024-07-25 0001844507 AVHI:RedeemableWarrantsMember 2024-07-25 2024-07-25 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): July 25, 2024

 

Achari Ventures Holdings Corp. I

(Exact name of registrant as specified in its charter)

 

Delaware   001-40906   86-1671207

(State or other jurisdiction

of incorporation)

   (Commission File Number)  

(IRS Employer

Identification No.)

 

60 Walnut Avenue, Suite 400

Clark, NJ 07066

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (732) 340-0700

 

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:

 

☐ 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 share of common stock, par value $0.0001 per share, and one Redeemable Warrant   AVHIU   The Nasdaq Stock Market LLC
Common Stock, par value $0.0001 per share   AVHI   The Nasdaq Stock Market LLC
Redeemable Warrants   AVHIW   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.

 

As previously disclosed by Achari Ventures Holdings Corp. I, a Delaware company (the “Company”), on April 5, 2024, the Nasdaq Hearings Panel (the “Panel”) issued the Company a delisting determination notice related to the failure to consummate the Company’s previously announced proposed business combination with Vaso Corporation (the “Business Combination”) by the extended deadline of April 2, 2024 set forth by Nasdaq and related non-compliance with: (i) Nasdaq’s $50 million minimum “Market Value of Listed Securities” requirement set forth in Nasdaq Listing Rule 5450(b)(2)(A) and (ii) Nasdaq’s requirement to maintain a minimum of 400 total shareholders for continued listing set forth in Nasdaq Listing Rule 5450(a)(2). As a result, trading in the Company’s securities on The Nasdaq Global Market (“Nasdaq”) was suspended effective with the open of the market on April 9, 2024, and the Company’s securities are currently eligible to trade only on the OTC Markets system. In response to the delisting determination notice, the Company submitted an appeal to the Nasdaq Listing and Hearing Review Council (the “Listing Council”) on April 19, 2024.

 

On June 20, 2024, after review of certain supporting memorandum submitted on behalf of the Company and the Panel, the Listing Council affirmed the decision of the Panel, finding that (i) the Panel appropriately decided to move to delist the Company’s securities because the Company was not able to comply with the terms of the Panel decision and the Panel had exhausted its ability to provide the Company with additional extensions of time, (ii) the Company’s compliance plan was dependent on completion of the Business Combination, which had not yet occurred at the time such delisting determination was made and (iii) that the Company missed certain compliance milestones related to the compliance plan provided to the Company by Nasdaq. On July 25, 2024 the Board of Directors of Nasdaq declined to call the Listing Council’s decision for review. As a result, the Company expects that a Form 25-NSE will be filed with the Securities and Exchange Commission by Nasdaq and the Company’s securities will be delisted. When the Company’s securities are delisted, the Company intends to proceed with its efforts to consummate the Business Combination. However, Nasdaq approval of the Company’s initial listing application with respect to the Business Combination is a condition to the closing of the Business Combination, and there can be no guarantee that Nasdaq will approve such initial listing application, which may delay, or ultimately prevent the consummation of the proposed Business Combination.

 

 

 

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.

 

ACHARI VENTURES HOLDINGS CORP. I  
     
Dated: July 30, 2024  
     
By: /s/ Vikas Desai  
Name: Vikas Desai  
Title: Chief Executive Officer  

 

v3.24.2
Cover
Jul. 25, 2024
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 25, 2024
Entity File Number 001-40906
Entity Registrant Name Achari Ventures Holdings Corp. I
Entity Central Index Key 0001844507
Entity Tax Identification Number 86-1671207
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 60 Walnut Avenue
Entity Address, Address Line Two Suite 400
Entity Address, City or Town Clark
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 07066
City Area Code (732)
Local Phone Number 340-0700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
Units, each consisting of one share of common stock, par value $0.0001 per share, and one Redeemable Warrant  
Title of 12(b) Security Units, each consisting of one share of common stock, par value $0.0001 per share, and one Redeemable Warrant
Trading Symbol AVHIU
Security Exchange Name NASDAQ
Common Stock, par value $0.0001 per share  
Title of 12(b) Security Common Stock, par value $0.0001 per share
Trading Symbol AVHI
Security Exchange Name NASDAQ
Redeemable Warrants  
Title of 12(b) Security Redeemable Warrants
Trading Symbol AVHIW
Security Exchange Name NASDAQ
Achari Ventures Holdings... (PK) (USOTC:AVHIU)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Achari Ventures Holdings... (PK) Charts.
Achari Ventures Holdings... (PK) (USOTC:AVHIU)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Achari Ventures Holdings... (PK) Charts.