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Qomolangma Acquisition Corp (NASDAQ: QOMO) has announced it will redeem all outstanding public shares effective December 27, 2024, as it failed to complete an initial business combination within the required timeframe. The company will proceed with liquidation and voluntary delisting from Nasdaq.
Shareholders will receive approximately $10.88 per share as redemption payment, reflecting adjustments for dissolution expenses ($50,000), federal taxes ($563,803), and Delaware taxes ($59,172.80). The redemption amount will be paid upon presentation of stock certificates to the transfer agent, Equiniti Trust Company Street name holders need not take action.
CEO Jonathan Myers cited challenging market conditions and the sponsor's inability to fund extension payments as key factors in the decision. The company's warrants will expire worthless, and the sponsor has waived redemption rights for founder shares and private placement warrants.
Qomolangma Acquisition Corp. (QOMO) has received a notice from Nasdaq regarding its failure to file the Form 10-K for the period ending December 31, 2023, on time. This non-compliance with Nasdaq Listing Rule 5250(c)(1) could lead to the delisting of QOMO's shares if not rectified. The company has 60 days to submit a compliance plan to Nasdaq, which could extend the deadline by up to 180 days. Qomolangma expects to file the Form 10-K within the initial 60-day period to avoid further complications.
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