Metal Sky Star Acquisition Corporation Announces Receipt of Letter from Nasdaq Regarding Failure to Complete Initial Business Combination
Rhea-AI Summary
Metal Sky Star Acquisition (MSSA) has received a delisting notice from Nasdaq on April 2, 2025, due to failing to complete an initial business combination within the required 36-month timeframe following its IPO.
The company's securities will be suspended from trading on Nasdaq effective April 9, 2025, including its Ordinary Shares, Units, Rights, and Warrants. A Form 25-NSE will be filed with the SEC to formally remove the securities from Nasdaq listing and registration.
MSSA will not appeal the delisting decision but plans to apply for listing on the OTC market under the same ticker symbols. The company states it is working to complete a business combination and will maintain its status as a reporting entity under the Securities Exchange Act of 1934.
Positive
- Company maintains reporting status and transparency
- Working to complete business combination
Negative
- Mandatory delisting from Nasdaq due to failure to complete business combination
- Trading suspension of all securities effective April 9, 2025
- Downgrade to OTC market trading from Nasdaq
News Market Reaction – MSSA
On the day this news was published, MSSA declined 0.23%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
New York, NY, April 04, 2025 (GLOBE NEWSWIRE) -- On April 2, 2025, Metal Sky Star Acquisition Corporation, a Cayman Islands exempted company, (“Metal Sky Star” or the “Company”) received a letter (the “Letter”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that (i) the Staff has determined that the Company’s securities will be delisted from The Nasdaq Stock Market; (ii) trading of the Company’s Ordinary Shares, Units, Rights, and Warrants will be suspended at the opening of business on April 9, 2025; and (iii) a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market. Pursuant to Nasdaq Listing Rule IM-5101-2, a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by March 31, 2025, the Company did not comply with IM-5101-2, and its securities are now subject to delisting.
The Company will not appeal Nasdaq’s determination to delist the Company’s securities and accordingly, the Company’s securities will be suspended from trading on Nasdaq at the opening of business on April 9, 2025. The Company intends to apply for the listing of its securities on the OTC market under the same ticker symbols after they are delisted from Nasdaq. The Company is working diligently to complete a business combination as soon as practicable.
The Company will remain a reporting entity under the Securities Exchange Act of 1934, as amended, with respect to continued disclosure of financial and operational information.
About Metal Sky Star Acquisition Corporation
Metal Sky Star Acquisition Corporation is a blank check company formed under the laws of the Cayman Islands for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and final prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Company Contacts:
Wenxi He
Chairman and Chief Executive Officer
221 River Street, 9th Floor, Hoboken, New Jersey 07030
201-721-8789
Email: olivia@metalskystar.com
FAQ
Why is Metal Sky Star (MSSA) being delisted from Nasdaq in April 2025?
When will MSSA stock stop trading on Nasdaq?
What happens to MSSA shares after the Nasdaq delisting?
Will MSSA continue to provide financial reports after delisting?
