Form 8-K - Current report
October 02 2023 - 4:18PM
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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): September 26, 2023
IRIS ACQUISITION CORP
(Exact name of registrant as specified in its charter)
Delaware |
|
001-40167 |
|
85-3901431 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
3rd Floor Zephyr House
122 Mary Street, George
Town
PO Box 10085
Grand Cayman KY1-1001, Cayman Islands
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including
area code: 971
4 3966949
(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) |
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|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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¨ |
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) |
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Name of each
exchange on
which registered |
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Units, each consisting of one share of Class A Common Stock and one-fourth of one Redeemable Warrant |
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IRAAU |
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The Nasdaq Stock Market LLC |
|
|
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Class A Common Stock, par value $0.0001 per share |
|
IRAA |
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The Nasdaq Stock Market LLC |
|
|
|
|
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Warrants, each exercisable for one share of Class A Common Stock $11.50 per share |
|
IRAAW |
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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 x
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.
As previously disclosed
in the Current Report on Form 8-K filed on March 31, 2023 with the Securities and Exchange Commission (“SEC”), Iris Acquisition
Corp (the “Company”) received a written notice on March 28, 2023, from the Listing Qualifications Department (the “Staff”)
of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that for the preceeding 30 consecutive business days, the
Company’s Market Value of Listed Securities (“MVLS”) was below the minimum of $35 million required for continued listing
on Nasdaq pursuant to Nasdaq Listing Rule 5550(b)(2) (the “MVLS Requirement”).
In accordance with Nasdaq
Listing Rule 5810(c)(3)(C) (the “Rule”), the Company was provided 180 calendar days, or until September 25, 2023, to regain
compliance with the MVLS Requirement. Subsequently, on September 26, 2023, the Company received a letter from the Staff indicating that
the Company had not regained compliance with the Rule (the “Delisting Notice”), and that accordingly, its securities will
be delisted from Nasdaq. Unless the Company requests an appeal of that determination pursuant to procedures set forth in the Nasdaq Listing
Rule 5800 Series, trading of the Company’s common stock will be suspended at the opening of business on October 5, 2023, and a Form
25-NSE will be filed with the SEC, which will remove the Company’s securities from listing and registration on Nasdaq.
The Company intends to
appeal the Staff’s delisting determination by requesting a hearing before a Hearings Panel (the “Panel”). Such request
would automatically stay the suspension of the Company’s securities pending the Panel’s decision (“Stay Period”).
As of September 25, 2023,
the Company’s MVLS exceeded the MVLS Requirement and continues to exceed the MVLS Requirement as of the date of this Form 8-K. It
is the Company’s expectation that if the Company continues to meet the MVLS Requirement for 10 consecutive trading days during the
Stay Period, the Company will be deemed by Nasdaq to have regained compliance with the MVLS Requirement and the delisting process will
be terminated.
Item 8.01 Other Events.
As of September 25, 2023,
the Company had 7,306,609 shares of Class A common stock, par value $0.0001, issued and outstanding.
Forward Looking Statements
Certain information contained
in this report consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that
involve risks, uncertainties and assumptions that are difficult to predict. Words such as “will,” “would,” “may,”
“intends,” “anticipates,” “potential,” and similar expressions, or the use of future tense, identify
forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are
not guarantees of performance and actual actions or events could differ materially from those contained in such statements. For example,
there can be no assurance that the Company will regain compliance with the Nasdaq Listing Rules in the future, or otherwise meet Nasdaq
compliance standards, that the Company will be eligible for a second compliance period, or that Nasdaq will grant the Company any relief
from delisting as necessary or that the Company can ultimately meet applicable Nasdaq requirements for any such relief. The forward-looking
statements contained in this report speak only as of the date of this report and the Company undertakes no obligation to publicly update
any forward-looking statements to reflect changes in information, events or circumstances after the date of this report, unless required
by law.
SIGNATURES
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.
|
IRIS ACQUISITION CORP |
Dated: October 2, 2023 |
|
|
|
|
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By: |
/s/ Sumit Mehta |
|
|
Name: Sumit Mehta |
|
|
Title: Chief Executive Officer |
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Entity File Number |
001-40167
|
Entity Registrant Name |
IRIS ACQUISITION CORP
|
Entity Central Index Key |
0001831874
|
Entity Tax Identification Number |
85-3901431
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
3rd Floor Zephyr House
|
Entity Address, Address Line Two |
122 Mary Street, George
Town
|
Entity Address, Address Line Three |
PO Box 10085
|
Entity Address, City or Town |
Grand Cayman
|
Entity Address, Country |
KY
|
Entity Address, Postal Zip Code |
KY1-1001
|
City Area Code |
971
|
Local Phone Number |
4 3966949
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Units, each consisting of one share of Class A Common Stock and one-fourth of one Redeemable Warrant
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Trading Symbol |
IRAAU
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Security Exchange Name |
NASDAQ
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Common Class A [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
Class A Common Stock, par value $0.0001 per share
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Trading Symbol |
IRAA
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Security Exchange Name |
NASDAQ
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Warrant [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
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Security Exchange Name |
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