Item 3.01 |
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
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On May 12, 2023, Worldwide Webb Acquisition Corp. (the Company) received approval from The Nasdaq
Stock Market LLC (Nasdaq) to transfer its listing of its Class A ordinary shares, units and warrants from The Nasdaq Global Market to The Nasdaq Capital Market.
The Companys Class A ordinary shares, warrants and units will continue to trade under the symbols WWAC,
WWACW, and WWACU, respectively, and trading of its Class A ordinary shares, warrants and units will be unaffected by this transfer. This transfer will be effective as of the opening of business on May 22, 2023.
The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as The Nasdaq Global Market.
On May 12, 2023, the Company also received a letter (the Notice) from the Listing Qualifications department of Nasdaq
notifying the Company that the Company no longer meets the minimum of 300 public holders required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(3) (the Public Holder Standard). The
Notice states that the Company has until June 26, 2023 to provide Nasdaq with a definitive plan to achieve and sustain compliance with all The Nasdaq Capital Market listing requirements, including the time frame for completion of this plan.
The Notice is only a notification of deficiency, not of imminent delisting, and has no immediate effect on the listing or trading of the
Companys securities on The Nasdaq Capital Market.
The Company intends to provide Nasdaq with the Companys definitive plan to
meet the Public Holder Standard within the required timeframe and will evaluate available options to regain compliance with the Nasdaq continued listing standards, including potential arrangements to be made in connection with the Companys
business combination agreement with WWAC Amalgamation Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly-owned Subsidiary of the Company, and Aark Singapore Pte. Ltd., a Singapore private company limited by shares,
originally announced by the Company on March 13, 2023. If Nasdaq does not accept the Companys plan, the Company will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel.
The Company, by filing this Current Report Form 8-K, discloses its receipt of the Notice in
accordance with Nasdaq Listing Rule 5810(b).
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