Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On June 15, 2023, Liberty Resources Acquisition Corp., a Delaware corporation
(the "Company"), received a written notice (the "Public Float Notice") from the
Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq")
notifying the Company that it no longer meets the minimum 1,100,000 publicly
held shares required for continued listing on Nasdaq pursuant to Nasdaq Listing
Rule 5450(b)(1)(B) (the "Public Float Standard"). The Company believes that the
Public Float Notice may have been issued in error. The Company plans to discuss
the Public Float Notice with Nasdaq to get the Public Float Notice rescinded. If
the Company is unable to get the Public Float Notice rescinded, the Public Float
Notice indicates that the Company, pursuant to the Listing Rules, has up to 45
calendar days or July 31, 2023, to provide Nasdaq with a plan to regain
compliance (the "Company's Plan"). Further, the Public Notice states that if
Nasdaq accepts the Company's Plan, the Company will be granted an extension of
up to 180 calendar days from the date of the Public Float Notice in which it can
regain compliance.
The Public Float Notice serves only as a notification of deficiency, not of
imminent delisting, and has no immediate effect on the listing or trading of the
Company's securities on the Nasdaq Global Market. The Company intends to submit
the Company's Plan to regain compliance with Rule 5450(b)(1)(B) within the 45
calendar day period and will evaluate available options to regain compliance
with the Public Float Standard. While the Company is exercising diligent efforts
to maintain the listing of its common stock on Nasdaq Global Market, there can
be no assurance that the Company will be able to regain or maintain compliance
with Nasdaq Global Market Public Float Standard. The Company, by filing this
Current Report Form 8-K, discloses its receipt of the Public Float Notice in
accordance with Nasdaq Listing Rule 5810(b).
Item 9.01. Exhibits.
Exhibit Description
Number of Exhibit
104 Cover Page Interactive Data File (embedded with the Inline XRBL document).
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