Metal Sky Star Faces Delisting from Nasdaq for Failing SPAC Deadline
Deal News | Apr 04, 2025 | EIN
Metal Sky Star Acquisition Corporation, a special purpose acquisition company (SPAC) registered in the Cayman Islands, has received a delisting notice from Nasdaq due to its inability to complete a business combination within the 36-month timeframe mandated by Nasdaq Listing Rule IM-5101-2. The company's shares will be suspended from trading starting April 9, 2025, and subsequently removed from listing and registration with the Securities and Exchange Commission (SEC). With no plans to appeal Nasdaq's decision, Metal Sky Star intends to list its securities on the OTC market. The company remains committed to completing a business combination in the near future while maintaining its obligations under the Securities Exchange Act of 1934.
Sectors
- Special Purpose Acquisition Company (SPAC)
- Financial Markets
Geography
- United States – Nasdaq is a major stock exchange in the United States where Metal Sky Star Acquisition Corporation's securities have been listed.
- Cayman Islands – Metal Sky Star Acquisition Corporation is registered as an exempted company in the Cayman Islands.
Industry
- Special Purpose Acquisition Company (SPAC) – The article revolves around Metal Sky Star Acquisition Corporation, a SPAC, which is a shell company listed on a stock exchange with the purpose of acquiring a private company to help them go public, focusing on its failure to complete a business combination within the stated period.
- Financial Markets – The article discusses the delisting process of a company's securities from Nasdaq, highlighting regulation and compliance in financial markets.
Financials
- 36 months – The amount of time Metal Sky Star had to complete a business combination since its IPO registration.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Metal Sky Star Acquisition Corporation | Company/Target | Company | A special purpose acquisition company based in the Cayman Islands, subject to delisting from Nasdaq for not completing a business combination. |
| Nasdaq Stock Market LLC | Regulatory Body | Company | A major U.S. stock exchange responsible for listing requirements and giving the delisting notice to Metal Sky Star. |
| Securities and Exchange Commission (SEC) | Regulatory Body | Government | The SEC oversees securities transactions and regulatory compliance for companies listed in the U.S., involved through the filing of Form 25-NSE. |