Exactly. They would have to come up with an acceptable plan prior to Dec 27th, i.e., it has to be something definitive and substantive, not vague, that Nasdaq will rule on. If the plan is accepted, then they may have up to another 180 days to achieve said compliance.
But even if the plan is accepted "but the Company does not regain compliance by the end of the extension granted by Nasdaq, or if the Company fails to satisfy another Nasdaq requirement for continued listing, Nasdaq staff could provide notice that the Company’s common shares will become subject to delisting. In such event, Nasdaq rules permit the Company to appeal the decision to reject its proposed compliance plan or any delisting determination to a Nasdaq Hearings Panel. Accordingly, there can be no guarantee that the Company will be able to maintain its Nasdaq listing."
Any attempt at a capital raise would have to contain in the prospectus, the break down of the assets, liabilities, operating statements of the remaining parts of Sphere... thus we'd finally be able- at last!- to see the numbers on HVE/UCX...