EASTERLY ACQUISITION CORP. (NASDAQ:EACQ) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01.
On July 5, 2017, Easterly Acquisition Corp., a Delaware corporation (the “Company”), received a letter (the “Notification Letter”) from the staff of the Listing Qualifications Department (the “Nasdaq Staff”) of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that the Nasdaq Staff has determined to initiate procedures to delist the Company’s securities from Nasdaq because the Company did not comply with Nasdaq Listing Rule 5620(a) due to its failure to hold an annual meeting of stockholders within twelve months of the end of the Company’s fiscal year ended December 31, 2015. The Notification Letter does not impact the Company’s obligation to file periodic reports and other reports with the Securities and Exchange Commission under applicable federal securities laws.
Under Nasdaq rules, the Company can appeal the Nasdaq Staff’s determination to a Nasdaq Hearings Panel. Upon the Company’s timely request of a hearing, the suspension of trading and delisting of the Company’s securities will be stayed automatically pending the issuance of a written decision by a Nasdaq Hearings Panel. The Company has commenced such an appeal and requested a hearing within the required period under Nasdaq rules. Accordingly, the Company’s common stock, units and warrants will continue to trade of the Nasdaq Capital Market under the symbols “EACQ”, “EACQU” and “EACQW”, respectively, while such appeal is pending. The time and place of a hearing before a Nasdaq Hearings Panel will be determined by the Nasdaq Hearings Department, but the Company plans on holding an annual meeting of shareholders on August 1, 2017, which the Company expects will be prior to the issuance of a decision by a Nasdaq Hearings Panel. On July 10, 2017, the Company filed its definitive proxy statement for its annual meeting to be held on August 1, 2017.
About EASTERLY ACQUISITION CORP. (NASDAQ:EACQ)
Easterly Acquisition Corp. is a blank check company. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company’s efforts to identify a target business will not be limited to a particular industry or geographic region, although it seeks to focus on companies operating in the financial services industry. The Company reviews various opportunities to enter into an initial business combination with an operating business. It focuses on capitalizing on the financial services industry to identify, acquire and operate a business within the financial services industry. It may seek to complete its initial business combination with a company or business that may be financially unstable or in its early stages of development or growth. It is not engaged in any operations. It has generated no revenues.
