SHANGHAI, May 23, 2023
/PRNewswire/ -- Greencity Acquisition Corporation (NASDAQ: GRCY)
(the "Company") today announced that it has received a notice
("Notice") from the Listing Qualifications Department of The Nasdaq
Stock Market ("Nasdaq") on May 22,
2023. The Notice advised the Company that based on Staff's
review and the materials submitted by the Company on April 18 and May 12,
2023 (the "Submission"), the Staff has determined to deny
the Company's request for continued listing on The Nasdaq Capital
Market.
Accordingly, the Company's securities will be delisted from The
Nasdaq Stock Market. In that regard, unless the Company requests an
appeal of this determination, trading of the Company's securities
will be suspended at the opening of business on June 1, 2023, and a Form 25-NSE will be filed
with the Securities and Exchange Commission (the "SEC"), which will
remove the Company's securities from listing and registration on
The Nasdaq Stock Market.
The Company may appeal Staff's determination to a Hearings
Panel, pursuant to the procedures set forth in the Nasdaq Listing
Rule 5800 Series. Requests for a hearing and for an extended stay
should be submitted electronically through the Nasdaq Listing
Center, and must be received no later than 4:00 Eastern Time on May
30, 2023.
About Greencity Acquisition Corporation
The Company is a blank check company incorporated as a
Cayman Islands exempted company
and formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses. While the Company
may pursue an acquisition opportunity in any industry or sector,
the Company intends to focus on businesses that have a connection
to the Asian market.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements". Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of the Company, including those set forth in the Risk
Factors section of the Company's registration statement and
prospectus for the offering filed with the Securities and Exchange
Commission ("SEC"). Copies are available on the SEC's website,
www.sec.gov. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
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SOURCE Greencity Acquisition Corporation