AgileThought : Failure to Satisfy Listing Rule - Form 8-K
November 21, 2023 at 03:19 am IST
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Item 3.01
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.
As previously disclosed, AgileThought, Inc., a Delaware corporation (the "Company"), and certain of its direct and indirect subsidiaries filed voluntary petitions (the "Chapter 11 Filing") under title 11 of the United States Code, 11 U.S.C. §§ 101, et seq. in the U.S. Bankruptcy Court for the District of Delaware.
On November 14, 2023, the Company received written notice from The Nasdaq Stock Market LLC ("Nasdaq") indicating that as a result of the Chapter 11 Filing, a review of publicly available information, and in accordance with Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq has determined that the Company's Class A Common Stock andWarrants to purchase such stock will be delisted from The Nasdaq Stock Market. Trading of those securities will be suspended at the opening of business on November 24, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove those securities from listing and registration on The Nasdaq Stock Market.
In such notice Nasdaq stated that its determination was based on the following factors:
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the Chapter 11 Filing and the associated public interest concerns raised thereby;
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concerns regarding the residual equity interest of the existing listed securities holders; and
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additional concerns about the Company's ability to sustain compliance with all requirements for continued listing on The Nasdaq Stock Market, in light of the Company's current non-compliance with (i) Listing Rule 5550(a)(2), which sets forth the minimum bid price requirement for continued listing on the Nasdaq Capital Market, and (ii) Listing Rule 5250(c)(1) as a result of the Company's delinquent Quarterly Report on Form 10-Q for the period ended September 30, 2023. These two deficiencies were noted as additional and separate bases for delisting.
The Company does not intend to appeal Nasdaq's determination to delist the Company's securities.
The Company cautions that trading in the Company's common stock and warrants to purchase common stock during the pendency of the Filing is highly speculative and poses substantial risks. Trading prices for the Company's common stock and warrants to purchase common stock bear little or no relationship to the actual recovery, if any, by holders of the Company's common stock in the Chapter 11 case.
AgileThought Inc. published this content on 20 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2023 21:48:19 UTC.
AgileThought, Inc. is a provider of agile-first, end-to-end digital transformation services in the North American market using onshore and nearshore delivery. The Company combines its agile-first approach with expertise in technologies to discover, design, and deliver solutions that help its clients overcome the challenges of digital transformation to build, run and continually improve solutions at scale using DevOps tools and methodologies. It offers client-centric, onshore and nearshore digital transformation services that include consulting, design and user experience, custom enterprise application development, DevOps, cloud computing, mobile, data management, advanced analytics and automation expertise. It creates customized frameworks and solutions throughout clientsâ digital transformation journeys. By leveraging its AgileThought Operating Model (ATOM) and its industry expertise, it rapidly and predictably delivers enterprise-level software solutions at scale.
AGILETHOUGHT, INC. 