Business Context and Reporting Period
This Form 8-K is filed by KBL Merger Corp. IV (not Forum Markets Inc.) on June 2, 2020. The registrant is a Special Purpose Acquisition Company (SPAC) incorporated in Delaware, with securities trading on The Nasdaq Stock Market under symbols KBLM, KBLMW, KBLMR, and KBLMU.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on regulatory compliance and listing status rather than financial performance.
Material Changes
- Delisting Notice: On June 2, 2020, the Company received a written notice from Nasdaq stating it is no longer in compliance with Listing Rules.
- Reason for Non-Compliance: The Company failed to complete a business combination within 36 months of its IPO effectiveness (June 1, 2017), missing the deadline of June 1, 2020.
- Consequence: Unless an appeal is successful, securities will be suspended from trading on June 11, 2020, and a Form 25-NSE will be filed to remove them from Nasdaq.
Outlook, Risks, and Management Commentary
- Current Status: The Company is currently in negotiations with a third party to consummate a business combination.
- Management Action: The Company plans to appeal the delisting determination by requesting a hearing with a Nasdaq Hearings Panel.
- Risks: There is no assurance that a definitive agreement for a business combination will be reached or that the Nasdaq Hearings Panel will overturn the Staff's delisting determination.
Investor Verification Checklist
- Verify the outcome of the pending negotiations for a business combination.
- Monitor the status of the appeal with the Nasdaq Hearings Panel.
- Confirm whether trading suspension occurs on June 11, 2020, if the appeal is not granted.
- Review subsequent filings for any updates on the Form 25-NSE submission.