Pegasus Digital Mobility Acquisition Corp. Receives Continued Listing Standard Notice From NYSE
Portfolio Pulse from Benzinga Newsdesk
Pegasus Digital Mobility Acquisition Corp. (PGSS) received a notice from NYSE for not meeting the continued listing standard of having a minimum of 300 public stockholders. PGSS has 45 days to submit a plan to regain compliance within 18 months. The plan will be reviewed by the NYSE's Listings Operations Committee, which will decide on acceptance and potential quarterly monitoring or initiate suspension and delisting procedures. The notice currently does not affect PGSS's operations, ability to complete a Business Combination, or its SEC reporting requirements.
January 24, 2024 | 9:23 pm
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PGSS received a notice from NYSE for non-compliance with the listing standard of having a minimum of 300 public stockholders. The company must submit a compliance plan within 45 days to avoid potential delisting.
Receiving a notice of non-compliance from the NYSE is a negative signal to investors and can lead to uncertainty regarding the stock's future listing status. This could result in a short-term negative impact on PGSS's stock price as investors may perceive the notice as a risk to the company's ability to maintain its listing and potentially to its future business operations, despite the company's statement that operations and SEC reporting requirements remain unaffected.
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IMPORTANCE 75
RELEVANCE 100