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Aquaron Acquisition Corp. (NASDAQ: AQU) received a delinquency notice from Nasdaq on May 22, 2024, for not timely filing its Form 10-Q for the period ended March 31, 2024. The notice is a deficiency notification and does not immediately affect the company's Nasdaq listing. Aquaron has until July 22, 2024, to submit a compliance plan to Nasdaq. If accepted, Nasdaq can grant a 180-day extension until November 18, 2024, to regain compliance. Failure to comply may lead to delisting, though the company can appeal. Aquaron aims to file the Form 10-Q once its financial statements are ready.
Aquaron Acquisition Corp. announced an extension of the period to complete a business combination by receiving a $20,000 contribution from Bestpath IoT Technology The deadline has been moved from May 6, 2024, to June 6, 2024, with the funds deposited into the Trust Account. The Company issued a promissory note to Bestpath, convertible into common stock at $10.00 per unit upon completing a business combination.
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Bestpath IoT Technology Co., Ltd. and Aquaron Acquisition Corp. (Nasdaq: AQU) have entered into a definitive merger agreement, expecting to close later this year. The merger, valued at approximately $1.2 billion, will result in Bestpath operating as Bestpath Group Limited on Nasdaq. Founded in 2019, Bestpath specializes in hydrogen fuel cell vehicles and aims to create a hydrogen energy ecosystem in China. The transaction is designed to enhance Bestpath's growth, expand market presence, and improve customer solutions. Both companies' boards have unanimously approved the merger, with additional regulatory approvals pending.