Mountain & Co. I Acquisition Corp. (MCAA) said late Monday that it plans to regain compliance after the Nasdaq's listing qualifications staff denied the company's request for continued listing on the bourse.
The company said it intends to present a "strategic plan" to a panel hearing to regain compliance with the listing rules. It expects to receive a 15-day stay on the suspension of its securities.
The Nasdaq notified on June 5 that the company wasn't in compliance with a listing rule related to filing the Form 10-Q for the period ended March 31, according to a statement from Mountain. The company also "failed to timely" submit its Form 10-Q for the period ended June 30.
Corporate governance "deficiencies" related to board resignations constituted additional bases for delisting, the company said based on the notification it received from the Nasdaq.
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