Digital World Receives Expected Notification from Nasdaq Related to Delayed Quarterly Report on Form 10-Q
8:20 pm ET May 24, 2023 (Accesswire) Print
MIAMI, FL / ACCESSWIRE / May 24, 2023 / Digital World Acquisition Corp. (NASDAQ:DWAC) (the "Company") announced today that it received an expected letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because it has not yet filed its Quarterly Report on Form 10-Q for the period ended March 31, 2023 (the "Form 10-Q") with the Securities and Exchange Commission (the "SEC"). The Nasdaq notification letter has no immediate effect on the listing or trading of the Company's securities on the Nasdaq Stock Market.
Nasdaq indicated that the Company has 60 calendar days, or no later than July 24, 2023, to submit a plan to regain compliance. If Nasdaq accepts the Company's plan, Nasdaq can grant an exception of up to 180 calendar days from the due date of the Form 10-Q, or until November 20, 2023, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company's plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq. If Nasdaq does not accept the Company's plan, the Company will have the opportunity to appeal that decision to a Hearing Panel under Nasdaq Listing Rule 5815(a). If the Company fails to timely regain compliance with Nasdaq's listing rules, the securities of the Company will be subject to delisting from Nasdaq.
The Company is continuing to work diligently to finalize and file the Form 10-Q as soon as possible before July 24, 2023.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
