Item 3.01. Notice of Delisting or Failure to Satisfy Continued Listing Rule or
Standard; Transfer of Listing .
On April 21, 2023, Malacca Straits Acquisition Company Limited, a Cayman Islands
exempted company (the "Company"), received a letter (the "Public Float Notice")
from the listing qualifications department staff of The Nasdaq Stock Market
("Nasdaq") notifying the Company that it no longer meets the minimum 500,000
publicly held shares required for continued listing on the Nasdaq Capital Market
pursuant to Nasdaq Listing Rule 5550(a)(4) (the "Public Float Standard"). The
Public Float Notice stated that the Company has until June 5, 2023 to provide
Nasdaq with a specific plan to achieve and sustain compliance with all Nasdaq
Capital Market listing requirements, including the time frame for completion of
its plan. If Nasdaq does not accept the Company's plan, the Company will have
the opportunity to appeal that decision to a Nasdaq Hearings Panel.
The Public Float Notice has no immediate effect on the listing of the Company's
securities, and the Company's securities continue to trade on the Nasdaq Capital
Market.
The Company intends to provide Nasdaq, on or prior to June 5, 2023, with the
Company's plan to meet the Public Float Standard, and will evaluate available
options to regain compliance with the Public Float Standard. However, there can
be no assurance that the Company will be able to regain compliance under the
Public Float Standard, or will otherwise be in compliance with other Nasdaq
listing criteria.
The Company, by filing this Current Report Form 8-K, discloses its receipt of
the Public Float Notice in accordance with Nasdaq Listing Rule 5810(b).
Item 8.01. Other Events.
On April 26], 2023, the Company issued a press release announcing receipt of the
Public Float Notice, a copy of which is attached as Exhibit 99.1 to this Current
Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are being filed herewith:
Exhibit No. Description
99.1 Press Release, dated April 26, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
Forward-Looking Statements
The Current Report on Form 8-K includes certain statements that are not
historical facts but are forward-looking statements for purposes of the safe
harbor provisions under the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are accompanied by words such as
"believe," "may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential," "seem," "seek,"
"future," "outlook," and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to, the Company's
ability to regain compliance with the Public Float Standard, its intention to
submit a plan to Nasdaq and its plans to evaluate available options to regain
compliance with the Public Float Standard. These statements are based on various
assumptions and on the current expectations of the Company's management and are
not predictions of actual performance. These forward-looking statements are
provided for illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the control of the
Company. These forward-looking statements are subject to a number of risks and
uncertainties. A more complete discussion of the risks and uncertainties facing
the Company is contained in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2022 under the heading "Risk Factors," and other
documents of the Company filed, or to be filed, with the Securities and Exchange
Commission. If the risks materialize or assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that the Company
presently does not know or that the Company currently believes are immaterial
that could also cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements reflect the
Company's expectations, plans or forecasts of future events and views as of the
date hereof. The Company anticipates that subsequent events and developments
will cause the Company's assessments to change. However, while the Company may
elect to update these forward-looking statements at some point in the future,
the Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing the
Company's assessments as of any date subsequent to the date of this Current
Report on Form 8-K. Accordingly, undue reliance should not be placed upon the
forward-looking statements.
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