Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On April 5, 2023, ALSP Orchid Acquisition Corporation I (the "Company") received
a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") indicating
that the Company was deficient in meeting the requirements of Listing Rule
5450(b)(2)(A), which requires the listed securities of the Company to maintain a
minimum Market Value of Listed Securities ("MVLS") of $50,000,000. The Letter is
only a notification of deficiency, not of imminent delisting, and has no current
effect on the listing or trading of the Company's securities on Nasdaq.
In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has 180
calendar days (or until October 2, 2023) to regain compliance (the "Compliance
Period"). The Notice notes that to regain compliance, the Company's Securities
must trade at or above a level such that the Company's MVLS closes at or above
$50,000,000 for a minimum of ten consecutive business days during the Compliance
Period. The Notice further notes that if the Company is unable to satisfy the
MVLS requirement prior to such date, the Company may be eligible to transfer the
listing of its Securities to The Nasdaq Capital Market (provided that it then
satisfies the requirements for continued listing on that market). If the Company
does not regain compliance by October 2, 2023, Nasdaq staff will provide written
notice to the Company that its securities are subject to delisting.
The Company intends to regain compliance within the specified Compliance Period.
The Company's securities will continue to trade on Nasdaq during the Compliance
Period.
Forward-Looking Statements
The disclosure herein includes certain statements that are not historical facts
but are forward-looking statements for purposes of the safe harbor provisions
under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe," "may," "will,"
"estimate," "continue," "anticipate," "intend," "expect," "should," "would,"
"plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar
expressions that predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements include, but
are not limited to, the Company's compliance with the requirements of Listing
Rule 5450(b). These statements are based on various assumptions and on the
current expectations of the Company's management and are not predictions of
actual performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and must not be
relied on by any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and circumstances are
difficult or impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of the Company. These forward-
looking statements are subject to a number of risks and uncertainties,
including: the risk that the Company is unable to regain compliance with Listing
Rule 5450(b) during the Compliance Period; those factors discussed in the
Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022
under the heading "Risk Factors," and other documents of the Company filed, or
to be filed, with the SEC. If the risks materialize or assumptions prove
incorrect, actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks that the Company
presently does not know or that the Company currently believes are immaterial
that could also cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements reflect the
Company's expectations, plans or forecasts of future events and views as of the
date hereof. The Company anticipates that subsequent events and developments
will cause the Company's assessments to change. However, while the Company may
elect to update these forward-looking statements at some point in the future,
the Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing the
Company's assessments as of any date subsequent to the date of this disclosure
statement. Accordingly, undue reliance should not be placed upon the
forward-looking statements.
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