ExcelFin Acquisition Corp., a special purpose acquisition company, recently received a notice from The Nasdaq Stock Market regarding its non-compliance with the minimum publicly held shares requirement. The rule stipulates that the company must maintain at least 1,100,000 publicly held shares for continued listing on the Nasdaq Global Market.

While Nasdaq’s notice serves as a warning rather than an immediate delisting action, it allows ExcelFin’s securities to remain listed and traded on the Nasdaq Global Market for the time being.

The company has been granted a 45-day period, ending on October 28, 2024, to submit a plan outlining how it plans to regain compliance with the listing rule. Should the plan not be accepted, ExcelFin has the option to appeal before a Nasdaq Hearings Panel.

ExcelFin intends to submit a compliance plan within the given timeframe. If Nasdaq approves the plan, the company could receive an extension of up to 180 days from the date of the notice to demonstrate compliance.

In a strategic move, ExcelFin Acquisition Corp. has revised its existing promissory note with its sponsor, ExcelFin SPAC LLC. The maturity date of the note has been extended to align with the new business combination deadline of December 25, 2024.

Originally dated March 18, 2021, the amended promissory note grants ExcelFin Acquisition Corp. more time to finalize an initial business combination. The maturity date is now set at the earlier of December 25, 2024, or the completion of the initial business combination, with a maximum principal amount of $1,500,000.

These changes were approved by the company’s shareholders in a recent special meeting, with a significant majority supporting the Extension Amendment Proposal.