Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 9, 2023, Jupiter Acquisition Corporation (the "Company") received a
written notice (the "Notice") from the Listing Qualifications Department of The
Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is not in
compliance with Nasdaq Listing Rule 5620(a) (the "Annual Stockholders Meeting
Rule") due to the Company's failure to hold an annual meeting of stockholders
within twelve months of the end of the Company's fiscal year end. The Notice is
only a notification of deficiency, not of imminent delisting, and has no current
effect on the listing or trading of the Company's securities on the Nasdaq
Capital Market.
In accordance with Nasdaq Listing Rule 5810(c)(2)(G), the Notice states that the
Company has 45 calendar days, or until February 23, 2023, to submit a plan to
regain compliance with the Annual Stockholders Meeting Rule. The Company intends
to submit to Nasdaq a plan to regain compliance with the Annual Stockholders
Meeting Rule within the required timeframe. If Nasdaq accepts the Company's
plan, Nasdaq may grant the Company an exception of up to 180 calendar days from
the Company's fiscal year end, or until June 29, 2023, to regain compliance with
the Annual Stockholders Meeting Rule. If Nasdaq does not accept the Company's
plan, the Company will have the opportunity to appeal the decision to a Nasdaq
Hearings Panel.
Forward-Looking Statements
This Current Report on Form 8-K includes "forward-looking statements" within the
meaning of the safe harbor provisions of the United States Private Securities
Litigation Reform Act of 1995. Certain of these forward-looking statements can
be identified by the use of words such as "believes," "expects," "intends,"
"plans," "estimates," "assumes," "may," "should," "will," "seeks," or other
similar expressions. Such statements may include, but are not limited to,
statements regarding the Company's ability to submit a plan to regain compliance
with the Annual Stockholders Meeting Rule that is satisfactory to Nasdaq and the
Company's ability to regain compliance with the Annual Stockholders Meeting Rule
within the required timeframe. These statements are based on current
expectations on the date of this Current Report on Form 8-K and involve a number
of risks and uncertainties that may cause actual results to differ
significantly, including those risks set forth in the Company's most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and
other documents filed with the U.S. Securities and Exchange Commission (the
"SEC"). Copies of such filings are available on the SEC's website at
www.sec.gov. The Company does not assume any obligation to update or revise any
such forward-looking statements, whether as the result of new developments or
otherwise. Readers are cautioned not to put undue reliance on forward-looking
statements.
1
© Edgar Online, source Glimpses