NEW
YORK, Sept. 9, 2024 /PRNewswire/ -- Mountain
& Co. I Acquisition Corp. (the "Company") announces that on
September 3, 2024, the Company
received a letter (the "Letter") from the NASDAQ Stock Market
("Nasdaq") notifying the Company that Nasdaq Listing Qualifications
Staff ("Staff") have determined to deny the Company's request for
continued listing on The Nasdaq Stock Market.
On June 5, 2024, Staff notified
the Company the Company that it was not in compliance with Nasdaq's
Listing Rule 5250(c)(1) (the "Filing Requirement") due to the delay
in the filing of the Company's Form 10-Q for the period ended
March 31, 2024. On August 2, 2024, The Company submitted a plan (the
"Plan") to regain compliance with the Filing Requirement.
Subsequently, the Company also failed to timely file its Form 10-Q
for the period ended June 30,
2024.
Further to the non-compliance with the Filing Requirement, the
Letter also cites that due to the resignations of Mr. Miles Gilburne and Dr. Philipp Rösler from the
Company's board on June 26, 2024, and
August 9, 2024, respectively, the
Company is in non-compliance with Nasdaq's Board Independence,
Audit Committee Composition, and Compensation Committee Composition
requirements set forth by Listing Rules 5606(b)(1), 5605(c)(2), and
5605(d)(2). According to the Letter, these corporate governance
deficiencies constitute additional bases for delisting.
Unless the Company requests an appeal of Staff's determination
by September 10, 2024, trading of the
Company's Class A Ordinary Shares, Warrants, and Units will be
suspended at the opening of business on September 12, 2023, and a Form 25-NSE will be
filed with the Securities and Exchange Commission (the "SEC"),
which would remove the Company's securities from listing and
registration on the Nasdaq Stock Market.
The Company to timely appeal Staff's determination to a Hearings
Panel, pursuant to the procedures set forth in the Nasdaq Listing
Rule 5800 Series. A request for a hearing regarding a delinquent
filing will stay the suspension of the Company's securities for a
period of 15 days from the date of the request. When the Company
requests a hearing, it intends to also request a stay of the
suspension, pending the hearing. A Panel will review the request
for an extended stay and notify the Company of its conclusion as
soon as is practicable but, in any event, no later than 15 calendar
days following the deadline to request the hearing.
At the Panel hearing, the Company intends to present a
strategic plan to regain compliance with the applicable Nasdaq
Listing Rules. In the interim, the Company's securities will
continue to trade on Nasdaq. There can be no assurance that the
Company's plan will be accepted by the Panel or that, if it is, the
Company will be able to regain compliance with the applicable
Nasdaq Listing Rules. If the Company's securities are delisted, it
could be more difficult to buy or sell the Company's securities or
to obtain accurate quotations, and the price of the Company's
securities could suffer a material decline.
About Mountain & Co. I Acquisition Corp.
Mountain & Co. I Acquisition Corp. is a blank check company
incorporated for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses or
entities. MCAA is listed on the NASDAQ under the ticker "MCAA."
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of Section 27A of the U.S. Securities Act of 1933,
as amended (the "Securities Act"), and Section 21E of the U.S.
Securities Exchange Act of 1934, as amended, that are based on
beliefs and assumptions and on information currently available to
MCAA. In some cases, you can identify forward-looking statements by
the following words: "budget," "may," "will," "could,"
"would," "should," "forecast," "future," "might," "outlook,"
"expect," "intend," "plan," "anticipate," "believe," "estimate,"
"predict," "project," "potential," "continue," "ongoing," "target,"
"seek" or the negative or plural of these words, or other
similar expressions that are predictions or indicate future events
or prospects, although not all forward-looking statements contain
these words. Any statements that refer to expectations, projections
or other characterizations of future events or circumstances,
including strategies or plans as they relate to the proposed
transaction, are also forward-looking statements. These
forward-looking statements involve risks, uncertainties and other
factors that may cause actual results, levels of activity,
performance or achievements to be materially different from the
information expressed or implied by these forward-looking
statements. Most of these factors are outside MCAA's control and
are difficult to predict. Forward-looking statements in this
communication include, but are not limited to, statements regarding
the identification of a target business and a potential business
combination or other such transaction. These forward-looking
statements are subject to a number of risks and uncertainties,
including, among others, those included under the heading "Risk
Factors" in the annual report on Form 10-K for year ended
December 31, 2023 of MCAA and in its subsequent quarterly
reports on Form 10-Q and other filings with the SEC.
CONTACT: Felix Exner,
fe@mountain-partners.ch
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SOURCE Mountain & Co. I Acquisition Corp.