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 April 2, 2018, Easterly Acquisition Corp., a Delaware corporation (the “Company”), received a letter (the “Notification Letter”) from the staff of the Listing Qualifications Department of The Nasdaq Stock Market (“NASDAQ”) notifying the Company that the Company no longer complies with NASDAQ Listing Rule 5550(a)(3) for continued listing due to its failure to have a minimum of 300 public holders of the Company’s common stock. As a result, as of April 2, 2018, the Company had 45 calendar days to submit a plan to regain compliance. If NASDAQ accepts the Company’s plan, NASDAQ can grant an exception of up to 180 calendar days from April 2, 2018, to regain compliance.
The Notification Letter does not impact the Company’s listing on the NASDAQ Capital Market at this time and 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. The Notification Letter also 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.
The Company intends to submit to NASDAQ, within the requisite time, a plan to regain compliance. If NASDAQ does not accept the Company’s plan, the Company will have the opportunity to appeal NASDAQ’s decision to a NASDAQ Listing Qualifications Panel. If the Company timely appeals, the Company’s securities would remain listed pending such NASDAQ Listing Qualifications Panel’s decision. There can be no assurance that, if the Company does appeal, such appeal would be successful.
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.
