Swiftmerge Acquisition Corp. Receives NASDAQ Notification of Noncompliance with Rule 5250(c)(1)
By: Swiftmerge Acquisition Corp.
GRAND CAYMAN, Cayman Islands - April 21, 2023 - PRLog -- Cayman Islands -- Swiftmerge Acquisition Corp. (NASDAQ IVCP) (hereinafter referred to as the "Company"), a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, announced today that on April 19, 2023, the Company received a letter (the "Non-Compliance Letter") from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Nasdaq Listing Rule") as a result of its failure to have timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the "2022 10-K") with the Securities and Exchange Commission ("SEC").
The Non-Compliance Letter provides the Company with 60 calendar days, or until June 20, 2023, to submit to Nasdaq a plan to regain compliance in accordance with Nasdaq's listing requirements. If the Company's plan is accepted, Nasdaq may grant the Company up to 180 days, or until October 16, 2023, for the Company to regain compliance. If Nasdaq does not accept the Company's plan, the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel under Nasdaq Listing Rule 5815(a). The Non-Compliance Letter has no immediate effect on the listing of the Company's Class A ordinary shares, warrants or units on the NASDAQ Global Market.
The Company has been working diligently and expects to file its 2022 10-K with the SEC as soon as practicable within the 60-day period to regain compliance with the Nasdaq Listing Rule.
This press release contains statements that constitute "forward-looking statements,"
Sam Bremner CEO