Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On May 3, 2023, Cascadia Acquisition Corp., a Delaware corporation (the
"Company"), received a letter (the "Letter") from the staff at The Nasdaq Stock
Market LLC ("Nasdaq") notifying the Company that, for the 30 consecutive trading
days prior to the date of the Letter, the Company's Minimum Value of Listed
Securities ("MVLS") was below the minimum of $50 million required for continued
listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule
5450(b)(2)(A). 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 30, 2023, to regain compliance. The Letter notes
that to regain compliance, the Company's MVLS must close at or above $50 million
for a minimum of ten consecutive business days during the compliance period,
which ends October 30, 2023. The Letter 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 the Company then satisfies the requirements for continued listing
on that market).
If the Company does not regain compliance by October 30, 2023, Nasdaq staff will
provide written notice to the Company that its securities are subject to
delisting. At that time, the Company may appeal any such delisting determination
to a hearings panel.
The Company intends to actively monitor the Company's MVLS between now and
October 30, 2023, and may, if appropriate, evaluate available options to resolve
the deficiency and regain compliance with the MVLS requirement. While the
Company is exercising diligent efforts to maintain the listing of its securities
on Nasdaq, there can be no assurance that the Company will be able to regain or
maintain compliance with Nasdaq listing standards.
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CASCADIA ACQUISITION CORP. 
