Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

As reported by Greencity Acquisition Corporation (the "Company") in its Form 12b-25 filed with the Securities and Exchange Commission (the "SEC") on November 15, 2022, the Company was unable to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the "Form 10-Q") within the prescribed time period without unreasonable effort or expense. The extension period provided under Rule 12b-25 expired on November 21, 2022.

On November 22, 2022, the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") (the "Notice") stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") because it has not timely filed the Form 10-Q with the SEC. The Rule requires listed companies to timely file all required periodic financial reports with the SEC. The Notice has no immediate effect on the listing or trading of the Company's securities. However, if the Company fails to timely regain compliance with the Rule, the Company's securities will be subject to delisting from Nasdaq.

Under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice (November 22, 2022) or until January 20, 2023, 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 (November 21, 2022), or until May 15, 2023, 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 the Form 10-Q as soon as practicable to regain compliance with the Nasdaq Listing Rule.




Item 8.01. Other Events.

On November 24, 2022, the Company issued a press release announcing its receipt of the Notice. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits





(d) Exhibits



Exhibit
Number     Title
  99.1       Press Release, dated November 24, 2022
104        Cover Page Interactive Data File (formatted in Inline XBRL and
           contained in Exhibit 101)

© Edgar Online, source Glimpses