Business Context and Reporting Period
This Form 8-K is filed by Oxus Acquisition Corp., a Cayman Islands-based special purpose acquisition company (SPAC), with a report date of June 12, 2023. The registrant's securities trade on The Nasdaq Stock Market LLC under the symbols OXUSU, OXUS, and OXUSW. The filing addresses a regulatory compliance issue regarding continued listing standards.
Key Financial Metrics
This filing is a current report regarding a listing deficiency and does not contain financial statements. Consequently, there are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The material event reported is the receipt of a written notice from Nasdaq on June 12, 2023, stating that the Company is not in compliance with Listing Rule 5550(a)(3) (the Minimum Public Holders Rule). The Company currently has fewer than the required 300 public holders. This notice is a notification of deficiency and does not result in immediate delisting or affect current trading.
Outlook, Risks, and Management Commentary
- Compliance Plan: The Company has 45 calendar days to submit a plan to regain compliance with the Minimum Public Holders Rule.
- Extension Possibility: If Nasdaq accepts the plan, the Company may be granted an extension of up to 180 calendar days to evidence compliance.
- Appeal Rights: If the plan is not accepted, the Company retains the right to appeal the decision before a Nasdaq Hearings Panel.
- Risks: The filing highlights the risk that the Company may fail to regain compliance with the Minimum Public Holders Rule, which could ultimately lead to delisting.
Investor Verification Checklist
- Verify the current number of public holders to assess the severity of the deficiency.
- Monitor the submission of the compliance plan within the 45-day window.
- Review future filings for Nasdaq's decision on the compliance plan and any granted extensions.
- Check for any subsequent filings regarding the outcome of a potential appeal if the initial plan is rejected.