April 20, 2024

Nasdaq Delisting

NASDAQ Delists Kismet Acquisition

NASDAQ Goes Strict With Kismet Acquisition- Delisting On The Cards

Kismet Acquisition Three Corp. has announced that it got a Staff Delisting Determination from The Nasdaq on 10.11. 2022. NASDAQ informed Kismet Acquisition Three Corp that its shares will be taken off the market from Nasdaq.

As reported previously, in August , 2022, the Nasdaq Listing Qualifications Department issued a notice to Kismet Acquisition Three Corp that it is not in proper adherence to Nasdaq Listing Rule 5250(c)(1), that mandates timely filing of relevant periodic reports with the Securities and Exchange Commission. Kismet Acquisition Three Corp had defaulted on the relevant filings under form 10 Q.

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However, Kismet Acquisition Three Corp was given the deadline of 24th October to comply with this. When Kismet Acquisition Three Corp failed to comply despite the extended timeline, NASDAQ was left with no option except to move ahead with the delisting of its shares. The company, can however, appeal against the decision and submit a request to the Nasdaq Hearings Panel within a stipulated date and time.

Kismet Acquisition Three Corp. is a SPV company formed to acquire, enter into share transfers, reconstructions as well as amalgamations with similar businesses. Kismet Acquisition was also handling contractual control agreements dealing with purchase of assets of other companies.

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