DP Cap Acquisition Corp I Faces Delisting from Nasdaq Following Rule Non-Compliance

On November 12, 2024, DP Cap Acquisition Corp I received notification from The Nasdaq Stock Market LLC regarding its impending delisting. The company, based in the Cayman Islands, was informed by Nasdaq’s Listing Qualifications Department that its failure to complete a business combination within 36 months of its IPO registration statement’s effectiveness violated Nasdaq Listing Rule IM-5101-2.

The notice stated that the Company’s securities would be delisted and suspended from trading on Nasdaq effective November 19, 2024. While DP Cap Acquisition Corp I had the option to appeal this decision, Nasdaq Listing Rule 5815(c)(1)(H) limits the grounds for appeal in cases where a company’s focus is on completing acquisitions. The panel may only overturn the delisting if there was a factual error in the application of the Rule. Consequently, the company decided against appealing the suspension and delisting.

Scott Savitz, the Chairman and CEO of DP Cap Acquisition Corp I, signed the report dated November 14, 2024, in compliance with the Securities Exchange Act of 1934. Following this development, the company’s Class A ordinary shares, par value $0.0001 per share (NASDAQ: DPCS), and warrants, each whole warrant exercisable for one Class A ordinary share at $11.50 per share (NASDAQ: DPCSW), face delisting from The Nasdaq Stock Market LLC.

The decision not to appeal the delisting underscores the company’s commitment to its course of action in light of Nasdaq’s regulatory requirements. This news is significant for investors and stakeholders associated with DP Cap Acquisition Corp I.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read DP Cap Acquisition Corp I’s 8K filing here.

About DP Cap Acquisition Corp I

DP Cap Acquisition Corp I does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. It intends to acquire companies in the tech-enabled consumer and technology sectors.