Freehold, N.J., March 08, 2019 (GLOBE NEWSWIRE) -- Jensyn Acquisition Corp. (NASDAQ:JSYN) (“Jensyn Acquisition” or the “Company”), a company formed for the purpose of entering into a merger, share exchange, asset acquisition or other similar business combination with one or more businesses or entities, today announced that it has received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that it was no longer in compliance with the Nasdaq Listing Rules (the “Rules’).
The Company is a special purpose acquisition company (“SPAC”). Nasdaq advised the Company that a SPAC is required to complete one or more business combinations within 36 months of the effectiveness of the SPAC’s initial public offering. Since the Company’s registration statement became effective on March 2, 2016, it was required to complete its initial business combination by March 2, 2019. The applicable rule also provides that if the Company does not comply with the above requirement, Nasdaq will issue a Staff Delisting Determination under Rule 5810 to delist the Company’s securities. Accordingly, the Nasdaq Staff has advised the Company that its securities will be delisted from The Nasdaq Stock Market, and unless the Company requests an appeal of such determination, its securities will be suspended at the opening of business on March 13, 2019 and a Form 25-NSE will be filed with the Securities and Exchange Commission which will remove the Company’s securities from listing and registration on the Nasdaq Stock Market. The Company has appealed the delisting determination, thus avoiding the proposed suspension of trading and removal from listing and registration on March 13, 2019.
As previously announced, the Company has entered into a definitive agreement with respect to a proposed business combination with Peck Electric Co. and as part of its appeal of the Staff’s delisting determination has requested a hearing with a Nasdaq Hearings Panel pursuant to Nasdaq rules. The Company plans to submit a plan for regaining compliance with the business combination requirement which will demonstrate that the proposed business combination with Peck Electric Co. can be completed within 180 days of the date of the notice received from Nasdaq.
About Jensyn Acquisition Corp.
Jensyn Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United Stated Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as “expects”, “believes”, “anticipates”, “intends”, “estimates”, “seeks” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements of the proposed business combination, are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those contemplated in the forward-looking statements, please refer to the “Risk Factors” section of Jensyn Acquisition’s Annual Report on Form 10-K for the year ended December 31, 2017 and other filings with the United States Securities and Exchange Commission by Jensyn Acquisition. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and except as expressly required by applicable securities law, Jensyn Acquisition disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Contact:
Jeffrey Raymond
President and Chief Executive Officer
Jensyn Acquisition Corp.
+1 (888) 536-7965
jeff.raymond@jensyn.com
www.jensyn.com