Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On April 17, 2023, PHP Ventures Acquisition Corp., a Delaware Corporation (the
"Company"), received written notice (the "Notification Letter") from the Listing
Qualifications Department of The Nasdaq Stock Market ("Nasdaq") stating that the
Company's Market Value of Listed Securities (MVLS) for the last 30 consecutive
business days (from March 6, 2023 to April 14, 2023), was below the required
minimum of $35 million for continued listing on Nasdaq under Nasdaq Listing Rule
5550(b)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company
has 180 calendar days (or until October 16, 2023) to regain compliance. The
Notification Letter states that Nasdaq will close the matter and provide written
confirmation that the Company has achieved compliance with rule 5550(b)(2) if at
any time before October 16, 2023, the Company's MVLS closes at $35 million or
more for a minimum of ten consecutive business days. The Company's business
operations are not affected by the receipt of the Notification Letter and the
Company fully intends to regain compliance with Nasdaq listing rules. The
Company will monitor its Nasdaq listing between now and October 16, 2023, and to
evaluate its available options to regain compliance with Nasdaq's minimum MVLS
rule within the compliance period.
Furthermore, on April 20, 2023, the Company received a notice (the "Delinquency
Letter") from NASDAQ indicating that the Company has not paid certain fees (the
"Delinquency Fees") as required for compliance under NASDAQ Listing Rule
5250(f). Pursuant to the Delinquency Letter, the Company anticipates that it
will request an appeal of this determination by April 27, 2023, pay the
associated hearing request fee, and pay any Delinquency Fees that are due, after
which the Company believes it will be in compliance with the applicable NASDAQ
continued listing requirements.
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