Clean Energy Special Situations Corp. Receives Notice from Nasdaq Regarding Suspension of Trading of Securities

Rhea-AI Summary

Clean Energy Special Situations Corp. announced on May 29, 2024, that it received a notification from Nasdaq regarding the suspension of its securities' trading. The company failed to file its Form 10-Q for Q1 2024 by March 31, 2024, adding to previous delinquencies, including non-payment of fees and failure to file its Annual Report for 2023. The company has a hearing scheduled on June 11, 2024, to appeal Nasdaq's decision. However, there are no assurances that the appeal will be successful or that the company will meet compliance within any extension period if granted.

Positive

• The company is actively seeking options to ensure it complies with Nasdaq's listing standards.
• A hearing is scheduled for June 11, 2024, offering an opportunity to appeal and potentially rectify the situation.

Negative

• The company failed to file its Form 10-Q for Q1 2024.
• There are existing delinquencies, including non-payment of required fees and failure to file the Annual Report for 2023.
• The company received a notification for potential delisting from Nasdaq.
• There is no assurance of a successful appeal or compliance within any extension period.

News Market Reaction – SWSS

+0.86%

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+0.86% News Effect

On the day this news was published, SWSS gained 0.86%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

New York, New York, May 29, 2024 (GLOBE NEWSWIRE) -- Clean Energy Special Situations Corp. (the “Company”) announced that, on May 23, 2024, it received a notification letter (the “Notification Letter”) from the staff of the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company was not in compliance with Nasdaq’s continued listing standards (the “Rules”), because the Company had not filed its Form 10-Q for the period ended March 31, 2024 (the “Q1 10-Q”). The May 2024 Notification Letter noted that this delinquency serves as an additional basis for delisting the Company’s securities from Nasdaq.

In connection with a previous notification letter dated April 23, 2024 citing delinquencies by the Company in not paying certain fees required by Listing Rule 5250(f) and not filing its Annual Report on Form 10-K for the period ended December 31, 2023, the Company had requested a hearing to appeal the Staff’s determination before a Nasdaq Hearings Panel, which is scheduled to occur on June 11, 2024. The delinquency noted in the May 2024 Notification Letter will also be considered by the Nasdaq Haring Panel.

The Company is considering all options available to it to ensure compliance with all applicable criteria for continued listing on Nasdaq. There can be no assurance, however, that the Nasdaq Hearings Panel will grant the Company’s request for continued listing or that the Company will evidence compliance within any extension period that may be granted by the Nasdaq Hearings Panel. There can be no assurance that the appeal will be successful.

About Clean Energy Special Situations Corp.

Clean Energy Special Situations Corp. is a blank check company 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 or entities.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Contact Information:

Raghunath Kilambi
Chief Executive Officer
c/o Graubard Miller
(212) 818-8800 

FAQ

Why did Clean Energy Special Situations Corp. (SWSS) receive a suspension notice from Nasdaq?

Clean Energy Special Situations Corp. received a suspension notice due to its failure to file Form 10-Q for Q1 2024 and previous delinquencies including non-payment of fees and failure to file the Annual Report for 2023.

What is the significance of the hearing scheduled on June 11, 2024, for SWSS?

The hearing on June 11, 2024, is significant as it offers SWSS an opportunity to appeal Nasdaq's decision to delist its securities, although success is not guaranteed.

What are the risks for investors due to SWSS's current Nasdaq compliance issues?

Investors face risks such as potential delisting from Nasdaq, which could lead to decreased stock liquidity and value if SWSS fails to comply with listing standards.

What steps is SWSS taking to address its Nasdaq compliance issues?

SWSS is evaluating all available options to ensure it meets Nasdaq's listing criteria, including appealing the suspension notice at a hearing scheduled for June 11, 2024.