[25-NSE] RiverNorth Enhanced Pre-Merger SPAC ETF SEC Filing
Cboe BZX Exchange, Inc. has filed Form 25 to remove two exchange-traded funds—RiverNorth Patriot ETF (ticker FLDZ) and RiverNorth Enhanced Pre-Merger SPAC ETF (ticker SPCZ)—from listing and registration under Section 12(b) of the Securities Exchange Act of 1934. The filing states that both the Exchange and the Issuer have complied with all applicable Exchange Act Rules (17 CFR 240.12d2-2(b) and (c)) governing delisting and voluntary withdrawal. The notification was signed on 1 July 2025 by Assistant General Counsel Sarah Tadtman.
Once Form 25 becomes effective (generally 10 days after filing), trading of the affected shares on Cboe BZX will cease and the securities’ registration under Section 12(b) will be terminated, subject to any remaining Section 12(g) obligations.
Cboe BZX Exchange, Inc. ha presentato il Modulo 25 per rimuovere due fondi negoziati in borsa—RiverNorth Patriot ETF (ticker FLDZ) e RiverNorth Enhanced Pre-Merger SPAC ETF (ticker SPCZ)—dalla quotazione e registrazione ai sensi della Sezione 12(b) del Securities Exchange Act del 1934. La documentazione indica che sia la Borsa che l'Emittente hanno rispettato tutte le norme applicabili del Exchange Act (17 CFR 240.12d2-2(b) e (c)) relative alla rimozione dalla quotazione e al ritiro volontario. La notifica è stata firmata il 1° luglio 2025 dall'Assistente del Consigliere Generale Sarah Tadtman.
Una volta che il Modulo 25 diventerà efficace (generalmente 10 giorni dopo la presentazione), la negoziazione delle azioni interessate su Cboe BZX cesserà e la registrazione dei titoli ai sensi della Sezione 12(b) sarà terminata, salvo eventuali obblighi residui ai sensi della Sezione 12(g).
Cboe BZX Exchange, Inc. ha presentado el Formulario 25 para eliminar dos fondos cotizados en bolsa—RiverNorth Patriot ETF (símbolo FLDZ) y RiverNorth Enhanced Pre-Merger SPAC ETF (símbolo SPCZ)—de la cotización y registro bajo la Sección 12(b) del Securities Exchange Act de 1934. La presentación indica que tanto la Bolsa como el Emisor han cumplido con todas las normas aplicables del Exchange Act (17 CFR 240.12d2-2(b) y (c)) que regulan la eliminación de cotización y la retirada voluntaria. La notificación fue firmada el 1 de julio de 2025 por la Asistente del Consejero General Sarah Tadtman.
Una vez que el Formulario 25 entre en vigor (generalmente 10 días después de su presentación), la negociación de las acciones afectadas en Cboe BZX cesará y se dará por terminada la inscripción de los valores bajo la Sección 12(b), sujeto a cualquier obligación restante bajo la Sección 12(g).
Cboe BZX Exchange, Inc.는 1934년 증권거래법(Securities Exchange Act) 12(b)조에 따른 상장 및 등록에서 두 개의 상장지수펀드(ETF)인 RiverNorth Patriot ETF(티커 FLDZ)와 RiverNorth Enhanced Pre-Merger SPAC ETF(티커 SPCZ)를 제거하기 위해 Form 25를 제출했습니다. 제출서류에 따르면 거래소와 발행사는 모두 상장폐지 및 자진철회에 관한 Exchange Act 규칙(17 CFR 240.12d2-2(b) 및 (c))을 준수하였다고 명시되어 있습니다. 이 통지는 2025년 7월 1일 법률고문 보조관 Sarah Tadtman에 의해 서명되었습니다.
Form 25가 효력을 발휘하면(일반적으로 제출 후 10일 후), Cboe BZX에서 해당 주식의 거래가 중단되고 12(b)조에 따른 증권 등록이 종료되며, 남아있는 12(g)조 의무가 있을 수 있습니다.
Cboe BZX Exchange, Inc. a déposé le formulaire 25 pour retirer deux fonds négociés en bourse—RiverNorth Patriot ETF (symbole FLDZ) et RiverNorth Enhanced Pre-Merger SPAC ETF (symbole SPCZ)—de la cotation et de l’enregistrement en vertu de la Section 12(b) du Securities Exchange Act de 1934. Le dépôt indique que tant la Bourse que l’Émetteur ont respecté toutes les règles applicables du Exchange Act (17 CFR 240.12d2-2(b) et (c)) régissant la radiation et le retrait volontaire. La notification a été signée le 1er juillet 2025 par l’Assistante du Conseiller Juridique Sarah Tadtman.
Une fois que le formulaire 25 deviendra effectif (généralement 10 jours après le dépôt), la négociation des actions concernées sur Cboe BZX cessera et l’enregistrement des titres en vertu de la Section 12(b) sera résilié, sous réserve de toute obligation restante en vertu de la Section 12(g).
Cboe BZX Exchange, Inc. hat das Formular 25 eingereicht, um zwei börsengehandelte Fonds—RiverNorth Patriot ETF (Ticker FLDZ) und RiverNorth Enhanced Pre-Merger SPAC ETF (Ticker SPCZ)—von der Notierung und Registrierung gemäß Abschnitt 12(b) des Securities Exchange Act von 1934 zu entfernen. In der Einreichung wird angegeben, dass sowohl die Börse als auch der Emittent alle anwendbaren Exchange Act-Regeln (17 CFR 240.12d2-2(b) und (c)) bezüglich der Delistung und des freiwilligen Rückzugs eingehalten haben. Die Mitteilung wurde am 1. Juli 2025 von der stellvertretenden General Counsel Sarah Tadtman unterzeichnet.
Sobald das Formular 25 wirksam wird (in der Regel 10 Tage nach der Einreichung), wird der Handel mit den betroffenen Aktien an der Cboe BZX eingestellt und die Registrierung der Wertpapiere gemäß Abschnitt 12(b) beendet, vorbehaltlich etwaiger verbleibender Verpflichtungen nach Abschnitt 12(g).
- None.
- Loss of exchange listing eliminates on-exchange liquidity for FLDZ and SPCZ, potentially impairing investors’ ability to buy or sell shares easily.
Insights
TL;DR: Two RiverNorth ETFs will be delisted from Cboe BZX; liquidity and market access for FLDZ and SPCZ will end on effectiveness.
The Form 25 is a formal step that ends exchange trading and Section 12(b) registration. Investors holding FLDZ or SPCZ will no longer have exchange liquidity once the 10-day period lapses. The document does not provide reasons, but the removal itself is typically viewed as negative from a trading and valuation standpoint because it limits exit options. There are no financial metrics or redemption terms disclosed in this filing.
TL;DR: Cboe certifies rule compliance for voluntary withdrawal; process appears routine with no noted regulatory deficiencies.
The Exchange confirms adherence to Rule 12d2-2(b), indicating all procedural checks were satisfied. The Issuer likewise certifies compliance under Rule 12d2-2(c). From a governance perspective, the filing is standard and signals no enforcement action or regulatory issue; it simply formalizes the ETFs’ departure from Cboe BZX.
Cboe BZX Exchange, Inc. ha presentato il Modulo 25 per rimuovere due fondi negoziati in borsa—RiverNorth Patriot ETF (ticker FLDZ) e RiverNorth Enhanced Pre-Merger SPAC ETF (ticker SPCZ)—dalla quotazione e registrazione ai sensi della Sezione 12(b) del Securities Exchange Act del 1934. La documentazione indica che sia la Borsa che l'Emittente hanno rispettato tutte le norme applicabili del Exchange Act (17 CFR 240.12d2-2(b) e (c)) relative alla rimozione dalla quotazione e al ritiro volontario. La notifica è stata firmata il 1° luglio 2025 dall'Assistente del Consigliere Generale Sarah Tadtman.
Una volta che il Modulo 25 diventerà efficace (generalmente 10 giorni dopo la presentazione), la negoziazione delle azioni interessate su Cboe BZX cesserà e la registrazione dei titoli ai sensi della Sezione 12(b) sarà terminata, salvo eventuali obblighi residui ai sensi della Sezione 12(g).
Cboe BZX Exchange, Inc. ha presentado el Formulario 25 para eliminar dos fondos cotizados en bolsa—RiverNorth Patriot ETF (símbolo FLDZ) y RiverNorth Enhanced Pre-Merger SPAC ETF (símbolo SPCZ)—de la cotización y registro bajo la Sección 12(b) del Securities Exchange Act de 1934. La presentación indica que tanto la Bolsa como el Emisor han cumplido con todas las normas aplicables del Exchange Act (17 CFR 240.12d2-2(b) y (c)) que regulan la eliminación de cotización y la retirada voluntaria. La notificación fue firmada el 1 de julio de 2025 por la Asistente del Consejero General Sarah Tadtman.
Una vez que el Formulario 25 entre en vigor (generalmente 10 días después de su presentación), la negociación de las acciones afectadas en Cboe BZX cesará y se dará por terminada la inscripción de los valores bajo la Sección 12(b), sujeto a cualquier obligación restante bajo la Sección 12(g).
Cboe BZX Exchange, Inc.는 1934년 증권거래법(Securities Exchange Act) 12(b)조에 따른 상장 및 등록에서 두 개의 상장지수펀드(ETF)인 RiverNorth Patriot ETF(티커 FLDZ)와 RiverNorth Enhanced Pre-Merger SPAC ETF(티커 SPCZ)를 제거하기 위해 Form 25를 제출했습니다. 제출서류에 따르면 거래소와 발행사는 모두 상장폐지 및 자진철회에 관한 Exchange Act 규칙(17 CFR 240.12d2-2(b) 및 (c))을 준수하였다고 명시되어 있습니다. 이 통지는 2025년 7월 1일 법률고문 보조관 Sarah Tadtman에 의해 서명되었습니다.
Form 25가 효력을 발휘하면(일반적으로 제출 후 10일 후), Cboe BZX에서 해당 주식의 거래가 중단되고 12(b)조에 따른 증권 등록이 종료되며, 남아있는 12(g)조 의무가 있을 수 있습니다.
Cboe BZX Exchange, Inc. a déposé le formulaire 25 pour retirer deux fonds négociés en bourse—RiverNorth Patriot ETF (symbole FLDZ) et RiverNorth Enhanced Pre-Merger SPAC ETF (symbole SPCZ)—de la cotation et de l’enregistrement en vertu de la Section 12(b) du Securities Exchange Act de 1934. Le dépôt indique que tant la Bourse que l’Émetteur ont respecté toutes les règles applicables du Exchange Act (17 CFR 240.12d2-2(b) et (c)) régissant la radiation et le retrait volontaire. La notification a été signée le 1er juillet 2025 par l’Assistante du Conseiller Juridique Sarah Tadtman.
Une fois que le formulaire 25 deviendra effectif (généralement 10 jours après le dépôt), la négociation des actions concernées sur Cboe BZX cessera et l’enregistrement des titres en vertu de la Section 12(b) sera résilié, sous réserve de toute obligation restante en vertu de la Section 12(g).
Cboe BZX Exchange, Inc. hat das Formular 25 eingereicht, um zwei börsengehandelte Fonds—RiverNorth Patriot ETF (Ticker FLDZ) und RiverNorth Enhanced Pre-Merger SPAC ETF (Ticker SPCZ)—von der Notierung und Registrierung gemäß Abschnitt 12(b) des Securities Exchange Act von 1934 zu entfernen. In der Einreichung wird angegeben, dass sowohl die Börse als auch der Emittent alle anwendbaren Exchange Act-Regeln (17 CFR 240.12d2-2(b) und (c)) bezüglich der Delistung und des freiwilligen Rückzugs eingehalten haben. Die Mitteilung wurde am 1. Juli 2025 von der stellvertretenden General Counsel Sarah Tadtman unterzeichnet.
Sobald das Formular 25 wirksam wird (in der Regel 10 Tage nach der Einreichung), wird der Handel mit den betroffenen Aktien an der Cboe BZX eingestellt und die Registrierung der Wertpapiere gemäß Abschnitt 12(b) beendet, vorbehaltlich etwaiger verbleibender Verpflichtungen nach Abschnitt 12(g).
FAQ
Why are RiverNorth ETFs FLDZ and SPCZ filing Form 25?
When will FLDZ and SPCZ stop trading on Cboe BZX?
Who signed the Form 25 for the RiverNorth ETFs?
Does the Form 25 mention any compliance issues?
Will the ETFs remain registered under Section 12(g)?
