Achari Ventures Holdings Corp. I (NASDAQ:AVHI), a health services company, has received confirmation from the Nasdaq Listing and Hearing Review Council (Listing Council) that it will affirm a delisting determination for the company's securities. The decision, announced on Monday, follows the company's failure to meet Nasdaq's continued listing requirements.
The Clark, New Jersey-based firm was initially notified by the Nasdaq Hearings Panel (Panel) on April 5, 2024, regarding its failure to complete a proposed business combination with Vaso Corporation by the extended deadline of April 2, 2024. Additionally, Achari Ventures did not meet the $50 million minimum Market Value of Listed Securities requirement and the minimum of 400 total shareholders for continued listing.
As a result, trading of Achari Ventures' securities was suspended on April 9, 2024, and subsequently moved to the OTC Markets system. The company appealed this decision on April 19, 2024. However, on June 20, 2024, the Listing Council upheld the Panel's decision, citing the company's inability to meet compliance milestones and the non-occurrence of the business combination at the time of the delisting determination.
The Listing Council's decision is subject to review by the Board of Directors of Nasdaq at their next meeting, which will occur at least 15 calendar days after the decision date. Until such a meeting and the filing of a Form 25-NSE by Nasdaq, Achari Ventures' securities will remain listed on Nasdaq. The timing of the filing or the potential delisting has not been disclosed by Nasdaq.
Achari Ventures has expressed its intention to continue pursuing the business combination with Vaso Corporation. However, Nasdaq's approval of the company's initial listing application related to the business combination is a condition for its completion. There is no assurance that Nasdaq will approve this application, which may delay or prevent the business combination from materializing.
In other developments, Achari Ventures appointed Continental Stock Transfer & Trust Company as its transfer agent in June 2024. The company's CEO, Vikas Desai, signed off on the SEC filing on July 1, 2024, confirming these events. The information is based on a press release statement from Achari Ventures Holdings Corp. I.
In other recent news, Achari Ventures Holdings Corp. I has extended its merger deadline from June 19, 2024, to July 19, 2024, marking the final one-month extension allowed under the company's governing documents. The company has also changed its transfer agent, appointing Equiniti Trust Company to manage the transfer of its common stock from June 2024.
In addition, Achari Ventures is facing a potential delisting from the Nasdaq Stock Market, and as a result, trading of its securities has been suspended. Despite the delisting, the company's securities are now being traded on the OTC Markets system. In response, Achari Ventures appealed the decision with support from its advisor, Donohoe Advisory Associates LLC, but the Nasdaq staff upheld their decision.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.