Form 8-K - Current report
August 01 2023 - 2:55PM
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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): July 26, 2023
Canna-Global
Acquisition Corp
(Exact
name of registrant as specified in its charter)
Delaware
(State
or other jurisdiction of incorporation)
001-41102 |
|
86-3692449 |
(Commission
File Number) |
|
(IRS
Employer Identification No.) |
4640
Admiralty Way, Suite 500
Marina
Del Rey, California 90292
(Address
of principal executive offices, including zip Code)
310-496-5700
(Registrant’s
telephone number, including area code)
N/A
(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 share of Class A common stock, par value $0.000001 per share and one redeemable warrant of one share of Common
Stock |
|
CNGLU |
|
The
Nasdaq Stock Market LLC |
Class
A common stock included as part of the units |
|
CNGL |
|
The
Nasdaq Stock Market LLC |
Redeemable
warrants included as part of the units |
|
CNGLW |
|
The
Nasdaq Stock Market LLC |
Representative’s
shares of Class A common stock |
|
CNGL |
|
The
Nasdaq Stock Market LLC |
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 Continued Listing Rule or Standard; Transfer of Listing.
On
January 24, 2023, Canna-Global Acquisition Corp (the “Company”) received a determination letter (the “Letter”)
from the staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company has not regained
compliance with the Market Value of Listed Securities (“MVLS”) Standard, since the Company’s common stock, par value
$0.000001 per share (the “Common Stock”), was below the $50 million minimum MVLS requirement for continued listing on The
Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(A) (the “MLVS Rule”) and had not been at least $50 million for
the proceeding 30 consecutive trading. As previously disclosed on Form 8-K filed on January 30, 2023, the Staff initially notified the
Company on January 24, 2023 that the minimum MVLS for the Company’s Common Stock was below the $50 million minimum MVLS requirement
for the previous 30 consecutive trading days, and in accordance with the Nasdaq Listing Rules, the Company was provided 180 calendar
days, or until July 24, 2023 to regain compliance with the MVLS Rule.
In
response, on July 31, 2023, the Company filed a Listing Application titled “Transferring from the Global or Global Select Market
to Capital Market” with Nasdaq to transfer the Company from The Nasdaq Global Market to The Nasdaq Capital Market.
Listing requirements for companies on The Nasdaq Capital Market are less stringent than for The Nasdaq Global Market tier,
which focus on larger companies with higher market capitalization.
Pursuant
to the Letter, unless the Company requests a hearing to appeal this determination by 4:00 p.m. Eastern Time on August 2, 2023, the Company’s
Common Stock will be delisted from The Nasdaq Capital Market, trading of the Company’s Common Stock will be suspended. The hearing
request will stay Nasdaq’s filing of Form 25-NSE with the Securities and Exchange Commission to remove the Company’s securities
from listing and registration on Nasdaq. The Company intends to request a hearing to stay
the suspension of trading of the Company’s Common Stock, and the Company’s Common Stock will continue to trade on Nasdaq
until the hearing process concludes and the Panel issues a written decision. There can be no assurance that the Panel will grant the
Company’s request for a suspension of delisting or to grant its transfer to The Nasdaq Capital Market.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
Exhibit
No. |
|
Description |
|
|
|
104 |
|
The
cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101). Canna-Global agrees to furnish
supplementally a copy of all omitted exhibits and schedules to the SEC upon request. |
SIGNATURES
Pursuant
to the requirements of the Exchange Act, Canna-Global has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
CANNA-GLOBAL
ACQUISITION CORP |
|
|
|
Date:
August 1, 2023 |
By: |
/s/
J. Gerald Combs |
|
|
J.
Gerald Combs |
|
|
Chief
Executive Officer |
v3.23.2
Cover
|
Jul. 26, 2023 |
Document Type |
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Document Period End Date |
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|
Entity File Number |
001-41102
|
Entity Registrant Name |
Canna-Global
Acquisition Corp
|
Entity Central Index Key |
0001867443
|
Entity Tax Identification Number |
86-3692449
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
4640
Admiralty Way
|
Entity Address, Address Line Two |
Suite 500
|
Entity Address, City or Town |
Marina
Del Rey
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
90292
|
City Area Code |
310
|
Local Phone Number |
496-5700
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
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|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Units, each consisting of one share of Class A common stock, par value $0.000001 per share and one redeemable warrant of one share of Common Stock |
|
Title of 12(b) Security |
Units,
each consisting of one share of Class A common stock, par value
|
Trading Symbol |
CNGLU
|
Security Exchange Name |
NASDAQ
|
Class A common stock included as part of the units |
|
Title of 12(b) Security |
Class
A common stock included as part of the units
|
Trading Symbol |
CNGL
|
Security Exchange Name |
NASDAQ
|
Redeemable warrants included as part of the units |
|
Title of 12(b) Security |
Redeemable
warrants included as part of the units
|
Trading Symbol |
CNGLW
|
Security Exchange Name |
NASDAQ
|
Representatives shares of Class A common stock |
|
Title of 12(b) Security |
Representative’s
shares of Class A common stock
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Trading Symbol |
CNGL
|
Security Exchange Name |
NASDAQ
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