Concord Acquisition Corp III Receives Noncompliance Notification from the New York Stock Exchange Regarding Minimum Public Stockholders
Portfolio Pulse from Benzinga Newsdesk
Concord Acquisition Corp III (CNDB) received a noncompliance notification from the NYSE due to having fewer than 300 public stockholders, violating Section 802.01B of the NYSE Listed Company Manual. The company has 45 days to submit a plan to regain compliance within 18 months. The stock will remain listed during this period, pending NYSE approval of the plan and adherence to other listing standards.
January 25, 2024 | 1:08 pm
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Concord Acquisition Corp III received a noncompliance notice from the NYSE for not meeting the minimum public stockholder requirement. The company will submit a compliance plan and the stock remains listed during the review period.
The noncompliance notification is a negative signal to the market, indicating potential governance or liquidity issues. While the stock remains listed, the news could decrease investor confidence and potentially lead to a short-term decline in the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100