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Subsequent Events
6 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 10 - Subsequent Events

 

Management has evaluated subsequent events to determine if events or transactions occurring through the date the consolidated financial statements were issued. The Company did not identify any subsequent event, other than described below, that would have required adjustment or disclosure in the financial statements.

 

On January 3, 2023, the Company received a notice (the “Nasdaq Notice”) from the Listing Qualifications Department of Nasdaq stating that, as of December 27, 2022, the Company had failed to hold an annual meeting of its shareholders and therefore was not in compliance with Nasdaq Listing Rule 5620(a). As a result, the Listing Qualifications Department of Nasdaq has advised the Company that its securities would be subject to delisting unless the Company timely requests a hearing before an independent Hearings Panel (the “Panel”). The Company intends to timely request a hearing. The hearing request will stay any suspension or delisting action pending the completion of the hearing and the expiration of any additional extension period granted by the Panel following the hearing. The Company held the required annual shareholder meeting on January 20, 2023 and as a result regained compliance with the Rule.

 

on January 9, 2023, the Company issued an unsecured promissory note to the Sponsors, with a principal amount of $99,980. The promissory note shares similar features with other promissory notes previously issued by the Company to the Sponsors.

 

On March 8, 2023, the Company received a written notice (the “Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market (“NASDAQ”) indicating that the Company is not in compliance with Listing Rule 5250(c)(1) because the Company has failed to file its Quarterly Report on Form 10-Q for the quarter ended December 31, 2022 (the “Delinquent Report”).

 

The Notice stated that no later than May 8, 2023, the Company is required to submit a plan to regain compliance with respect to the filing of the Delinquent Report. If NASDAQ accepts the Company’s plan, it has the discretion to grant the Company an extension of up to 180 calendar days from the due date of the Delinquent Report (or until August 14, 2023) to regain compliance.

 

The Company is continuing to work diligently to complete the Delinquent Report. If the Company is unable to file the Delinquent Report by May 8, 2023, it intends to file a plan to regain compliance with NASDAQ. This notification has no immediate effect on the listing of the Company's shares on NASDAQ. There can be no assurance, however, that the Company will be able to regain compliance with the listing requirements discussed above or otherwise satisfy the other NASDAQ listing criteria.