Mountain & Co. I Acquisition Corp. Faces Delisting from Nasdaq

Mountain & Co. I Acquisition Corp. (MCAA) announced on September 3, 2024, that it has received a letter from the NASDAQ Stock Market regarding its continued listing status. The letter indicates that the Nasdaq Listing Qualifications Staff has denied the Company’s request for continued listing.

On June 5, 2024, MCAA was notified by Nasdaq that it was not in compliance with Listing Rule 5250(c)(1) due to a delay in filing its Form 10-Q for the quarter ended March 31, 2024. Despite submitting a plan to regain compliance on August 2, 2024, the Company failed to file its Form 10-Q for the quarter ended June 30, 2024.

The letter further states that the Company is in breach of Nasdaq’s Board Independence, Audit Committee Composition, and Compensation Committee Composition requirements. This non-compliance is attributed to the resignations of board members Mr. Miles Gilburne and Dr. Philipp Rösler on June 26, 2024, and August 9, 2024, respectively.

Unless MCAA appeals the determination by September 10, 2024, trading of its Class A Ordinary Shares, Warrants, and Units will be suspended on September 12, 2024. A Form 25-NSE will subsequently be filed with the Securities and Exchange Commission, effectively removing MCAA’s securities from listing on Nasdaq.

The Company plans to appeal the determination to a Hearings Panel, which will temporarily stay the suspension of securities for 15 days following the request. During the hearing, MCAA intends to present a strategic plan aimed at regaining compliance with Nasdaq Listing Rules.

In the interim, while MCAA’s securities continue to trade on Nasdaq, there is no guarantee that the proposed plan will be accepted, nor that the Company will successfully meet the compliance requirements. Should the securities be delisted, this may hinder the ability to trade them and could potentially lead to a significant decline in their market price.