SHANGHAI, June 10, 2021 /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 March 31, 2021
(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 May 17, 2021, 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 May 24, 2021.
Nasdaq has informed the Company that, under Nasdaq rules, the
Company has 60 calendar days from receipt of the Notice
(June 9, 2021) or until August 9, 2021, 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 (May 24,
2021), or until November 22,
2021, 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.
Contact
Panyan Yu
(+86) 15618936452
yupanyan@grcyu.com
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SOURCE Planet Green Holdings Corp.