STOCK TITAN

NYSE flags Jena Acquisition (NYSE: JENA) for falling below 300 public holders

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Jena Acquisition Corporation II received a notice from NYSE Regulation on April 1, 2026 stating it is not in compliance with a listing rule that requires at least 300 public shareholders. The company must submit a business plan within 45 days showing how it will regain compliance within 18 months.

The NYSE then has 45 days to review the plan. The notice does not immediately affect the listing or trading of JENA’s units, Class A ordinary shares, or rights. Management expects its plan to involve completing a de-SPAC business combination to rebuild its public shareholder base and maintain its NYSE listing.

Positive

  • None.

Negative

  • NYSE listing deficiency for public shareholder count: Jena Acquisition Corporation II received an NYSE notice that it no longer meets the requirement to maintain at least 300 public shareholders, creating a formal risk around continued NYSE listing if it cannot restore compliance within the 18‑month cure period.

Insights

NYSE non-compliance creates listing risk but includes an 18‑month cure path.

Jena Acquisition Corporation II has fallen below the NYSE’s requirement to maintain at least 300 public shareholders. This triggers a formal deficiency process and signals weakened public float and investor participation around the SPAC.

The company must deliver a credible business plan within 45 days, and the NYSE has 45 days to evaluate whether it can reasonably regain compliance within an 18‑month period. Management indicates this plan will center on completing a de‑SPAC transaction.

The immediate trading status of JENA securities is unchanged, but failure to execute the plan or restore the shareholder count could ultimately lead to delisting or a move to a less liquid trading venue. Future company filings will reveal whether the NYSE accepts the plan and if a business combination progresses.

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Securities
The company received a delisting notice or transferred its listing to a different exchange.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Minimum public shareholders required 300 public shareholders NYSE listing rule threshold for continued listing
Plan submission window 45 days Time for company to submit business plan after notice
NYSE review period 45 days Time for NYSE to review the company’s compliance plan
Cure period length 18 months Period to regain compliance with NYSE shareholder requirement
Section 802.01A regulatory
"not currently in compliance Section 802.01A of the NYSE Listed Company Manual"
Section 802.01B regulatory
"Announces Non-Compliance with Section 802.01B of the NYSE Listed Company Manual"
de-SPAC transaction financial
"which will involve completing a de-SPAC transaction"
A de-SPAC transaction is the process by which a privately held company becomes a public company by combining with a special purpose acquisition company (SPAC), allowing the private business to start trading on a stock exchange without a traditional initial public offering. It matters to investors because it suddenly opens a new investment opportunity but also brings rapid changes in ownership, fresh financial disclosures and potential price volatility and dilution—think of a local shop joining a national franchise and immediately being sold to the public.
blank check company financial
"The Company is a blank check company incorporated as a Cayman Islands exempted company"
A blank check company is a publicly listed shell that raises money from investors before naming a specific business to buy or merge with, similar to handing a cashier a signed check and asking them to fill in the payee later. It matters to investors because it offers a faster, often cheaper path for private firms to become public, but carries extra risk since returns depend on the organizers’ ability to find a good deal and on limited information about the future business.
forward-looking statements regulatory
"This press release includes “forward-looking statements” within the meaning of the safe harbor provisions"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 1, 2026

 

JENA ACQUISITION CORPORATION II
(Exact name of registrant as specified in its charter)

 

Cayman Islands   001-42674   98-1842831
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

1701 Village Center Circle
Las VegasNevada 89134

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code:  (702323-7330

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading
Symbol(s)
  Name of each exchange
on which registered
Units, each consisting of one Class A Ordinary Share and one Right   JENA.U   The New York Stock Exchange
         
Class A Ordinary Shares, par value $0.0001 per share   JENA   The New York Stock Exchange
         
Rights, each entitling the holder to receive one-twentieth (1/20) of one Class A Ordinary Share   JENA.R   The New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 3.01. Notice of Delisting or Failure to Satisfy a Continue Listing Rule or Standard; Transfer of Listing.

 

On April 1, 2026, Jena Acquisition Corporation II (the “Company”) received a written notice (the “Notice”) from the staff of NYSE Regulation of the New York Stock Exchange (“NYSE”) indicating that the Company is not currently in compliance Section 802.01A of the NYSE Listed Company Manual (the “Listing Rule”) which requires the Company to maintain a minimum of 300 public shareholders on a continuous basis. As permitted by the Listing Rule, the Company will, within 45 days from the receipt of the Notice, submit a business plan to the NYSE that demonstrates how the Company expects to return to compliance with the Listing Rule within 18 months of receipt of the Notice. Upon receipt of the plan, the NYSE has 45 days to review and determine if the plan reasonably demonstrates the Company’s ability to regain compliance with the minimum listing standards. The Notice has no immediate impact on the listing or trading of the Company’s securities.

 

On April 3, 2026, the Company issued a press release announcing receipt of the Notice. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.

 

Forward-Looking

 

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. These statements are based on current expectations on the date of this Current Report on Form 8-K and involve a number of risks and uncertainties that may cause actual results to differ significantly, including the Company’s ability to submit a plan to regain compliance satisfactory to NYSE Regulation; the Company’s ability to evidence that it has at least 300 public shareholders; and other risks and uncertainties set forth in the Company’s reports filed with the SEC. Copies of these reports can be accessed through the SEC’s website at www.sec.gov. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits. The following exhibits are filed with this Form 8-K:

 

Exhibit No.   Description of Exhibits
99.1   Press Release, dated April 3, 2026
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  JENA ACQUISITION CORPORATION II
     
  By: /s/ Michael L. Gravelle
    Name: Michael L. Gravelle
    Title: General Counsel and Corporate Secretary

 

Date: April 3, 2026

 

2

 

Exhibit 99.1

 

Jena Acquisition Corporation II Announces Non-Compliance with Section 802.01B of the NYSE Listed Company Manual which Requires the Company to Maintain a Minimum of 300 Public Stockholders

 

LAS VEGAS, NEVADA., April 03, 2026 (GLOBE NEWSWIRE) — Jena Acquisition Corporation II (the “Company”) announced today that on April 1, 2026, the Company received a written notice from the staff of NYSE Regulation of the New York Stock Exchange (“NYSE”) indicating that the Company is not in compliance with Section 802.01B of the NYSE Listed Company Manual (the “Listing Rule”) which requires the Company to maintain a minimum of 300 public stockholders on a continuous basis.

 

As permitted under the Listing Rule, the Company plans to promptly submit a business plan that demonstrates how the Company expects to return to compliance with the Listing Rule within 18 months of receipt of the Notice, which will involve completing a de-SPAC transaction.

 

The Notice has no immediate impact on the Company’s securities, and provided the NYSE approves the plan, the Company’s securities will continue to be listed and traded on the NYSE during the 18-month cure period under their existing ticker symbols.

 

About Jena Acquisition Corporation II

 

The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination in any business or industry, it intends to capitalize on the ability of its management team and initially focus its search on identifying a prospective target business that can benefit from its co-founder and Chairman William P. Foley, II’s and its co-founder and Chief Executive Officer Richard N. Massey’s historical areas of business expertise. W. Dabbs Cavin, Dexter Fowler and Tim Hsia will be serving as board members.

 

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. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly, including the Company’s ability to submit a plan to regain compliance satisfactory to NYSE Regulation; the Company’s ability to evidence that it has at least 300 public shareholders; and other risks and uncertainties set forth in the Company’s reports filed with the Securities and Exchange Commission (the “SEC”). Copies of these reports can be accessed through the SEC’s website at www.sec.gov. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

 

Media Contact

 

Richard N. Massey

CEO
jenaacquisition.com

FAQ

Why did Jena Acquisition Corporation II (JENA) receive a notice from the NYSE?

Jena Acquisition Corporation II received a notice because it is not in compliance with an NYSE listing rule requiring at least 300 public shareholders. Falling below this threshold triggers a deficiency process and forces the company to present a plan to regain compliance.

Does the NYSE non-compliance notice immediately affect trading in JENA stock?

The notice has no immediate impact on the listing or trading of Jena Acquisition Corporation II’s units, Class A ordinary shares, or rights. The securities continue trading on the NYSE while the company pursues its compliance plan and the exchange reviews it.

How long does Jena Acquisition Corporation II have to regain NYSE listing compliance?

The company must submit a business plan within 45 days showing how it will regain compliance within 18 months from receiving the notice. The NYSE then has 45 days to decide if the plan reasonably demonstrates the company’s ability to meet the shareholder requirement.

What steps does Jena Acquisition Corporation II plan to take to regain compliance?

The company plans to submit a business plan that includes completing a de-SPAC transaction to increase its public shareholder base. Management expects this combination to help satisfy the NYSE’s minimum 300 public shareholder requirement during the 18‑month cure period.

What happens if Jena Acquisition Corporation II’s NYSE compliance plan is not accepted?

If the NYSE does not find the plan reasonably demonstrates a path back to compliance, or the company later fails to execute it, Jena Acquisition Corporation II could ultimately face delisting procedures. Any such outcome would likely be detailed in subsequent company disclosures.

What type of company is Jena Acquisition Corporation II?

Jena Acquisition Corporation II is a blank check company, or SPAC, formed in the Cayman Islands to pursue a merger, share exchange, asset acquisition, share purchase, or similar business combination. It intends to leverage its sponsors’ historical areas of business expertise when selecting a target.

Filing Exhibits & Attachments

5 documents