Adit EdTech Acquisition Corp. Announces Intention to Voluntarily De-List From NYSE American
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- Voluntary de-listing from NYSE American may raise concerns among investors and traders about the company's future prospects and market visibility.
A special purpose acquisition company (SPAC), Adit EdTech Acquisition Corp., has announced its intention to voluntarily de-list from the NYSE American. This decision, typically a response to anticipated non-approval from the exchange for the post-closing company, can have several implications for investors and the company itself.
From a financial perspective, the move to de-list can affect liquidity, as it may limit investors' ability to buy or sell shares. Moreover, it could indicate underlying issues with meeting the exchange's listing requirements, which could be related to financial health, governance, or other operational criteria.
Long-term implications may include the company seeking to list on another exchange, potentially with lower listing standards, or remaining privately held. This could affect the company's capital raising efforts, as being listed on a major exchange is often seen as a sign of prestige and stability, aiding in attracting institutional investors.
The de-listing process involves regulatory compliance, including the filing of a Form 25 with the Securities and Exchange Commission (SEC). This legal procedure initiates the formal removal of securities from the exchange, which has compliance and reporting ramifications for the company.
It's important for stakeholders to understand that de-listing does not necessarily equate to a company going out of business, but it does change the regulatory landscape in which the company operates. The company will no longer be subject to NYSE American's rules but will still have to comply with SEC regulations, albeit at a potentially reduced level of scrutiny.
De-listing from an exchange like the NYSE American can signal a strategic pivot for a SPAC like Adit EdTech Acquisition Corp. It's essential to analyze the industry norms for SPACs, which often face unique challenges and regulatory hurdles. The de-listing could be indicative of broader trends within the SPAC market or specific to the company's circumstances.
An industry analysis would focus on the performance and regulatory compliance of SPACs, as well as market sentiment towards these investment vehicles. The impact on the business model of SPACs, which rely on acquisitions to create value, must be considered, along with the potential benefits and drawbacks of operating outside of a major stock exchange.
NEW YORK, NY / ACCESSWIRE / December 26, 2023 / Adit EdTech Acquisition Corp. (NYSE:ADEX)(NYSE:ADEX-WS)(NYSE:ADEX-U) ("ADEX" or the "Company"), a special purpose acquisition company, announced today that it intends to voluntarily de-list its common stock, units and warrants from The NYSE American LLC (the "NYSE American"). ADEX provided notice of the voluntary de-listing to the NYSE American on December 26, 2023, following indications from NYSE American that NYSE American would decline to approve a listing of the post-closing company, and ADEX intends to timely file a Form 25 with the Securities and Exchange Commission to effect the de-listing. It is anticipated that the de-listing will become effective on or about January 15, 2024. ADEX's decision to voluntarily de-list from the NYSE American was motivated by indications from NYSE American that NYSE American would decline to approve a listing of the post-closing company, ADEX's applications to list its common stock and warrants on securities exchanges in the U.S. and Canada and ADEX's expectations that its common stock and warrants will be listed on an exchange in Canada and the U.S. following the closing of its business combination with Griid Holdco LLC. Following the de-listing, ADEX intends to continue to file the same types of periodic reports and other information it currently files with the U.S. Securities and Exchange Commission.
About Adit EdTech Acquisition Corp.
ADEX is a publicly listed special purpose acquisition company sponsored by an affiliate of Adit Ventures, LLC, formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Forward-Looking Statements
This press release includes "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes such as "believe," "may," "will," "estimate," "continue," "anticipate," "design," "intend," "expect," "could," "plan," "potential," "predict," "seek," "should," "would" or by variations of such words or by similar expressions. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. These forward-looking statements speak only as of the date of this press release. Except as required by law, we do not undertake any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Information
John D'Agostino
Chief Financial Officer
ir@aditedtech.com
646-374-8153
SOURCE: Adit EdTech Acquisition Corp.
View the original press release on newswire.com.
