SHANGHAI, Nov. 24,
2022 /PRNewswire/ -- Greencity Acquisition
Corporation (NASDAQ: GRCY) (the "Company") today announced that it
has received a notice ("Notice") from the Listing Qualifications
Department of The Nasdaq Stock Market ("Nasdaq") as a result of its
failure to file its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2022 (the "Form
10-Q") in a timely fashion. The Notice advised the Company that it
was not in compliance with Nasdaq's continued listing requirements
under the timely filing criteria established in Nasdaq Listing Rule
5250(c)(1).
As reported by the Company in its Form 12b-25 filed with the
Securities and Exchange Commission (the "SEC") on November 15, 2022, the Company was unable to file
its Form 10-Q within the prescribed time period without
unreasonable effort or expense. The extension period provided under
Rule 12b-25 expired on November 21, 2022.
Nasdaq has informed the Company that, under Nasdaq rules, the
Company has 60 calendar days from receipt of the Notice
(November 22, 2022), to submit a plan
to regain compliance with the Rule. If Nasdaq accepts the Company's
plan, then Nasdaq may grant an exception of up to 180 calendar days
from the due date of the Form 10-Q (November
21, 2022), or until May 15,
2023, to regain compliance. However, there can be no
assurance that Nasdaq will accept the Company's plan to regain
compliance or that the Company will be able to regain compliance
within any extension period granted by Nasdaq. If Nasdaq does not
accept the Company's plan, then the Company will have the
opportunity to appeal that decision to a Nasdaq hearings panel.
As noted above, the Company is working diligently to complete
its Form 10-Q. The Company intends to file it as soon as
practicable to regain compliance with Nasdaq continued listing
standards.
About Greencity Acquisition Corporation
The Company is a blank check company incorporated as a
Cayman Islands exempted company
and formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses. While the Company
may pursue an acquisition opportunity in any industry or sector,
the Company intends to focus on businesses that have a connection
to the Asian market.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements". Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of the Company, including those set forth in the Risk
Factors section of the Company's registration statement and
prospectus for the offering filed with the Securities and Exchange
Commission ("SEC"). Copies are available on the SEC's website,
www.sec.gov. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
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SOURCE GREENCITY ACQUISITION CORPORATION