In recent news, 10X Capital Venture Acquisition Corp. III (NYSE American: VCXB, VCXB.U, VCXB WS) (10X III) reported receiving a notice from NYSE Regulation (NYSER) regarding its noncompliance with Section 1003(b)(i) of the NYSE American LLC Company Guide. This noncompliance arises from the corporation having fewer than 300 public shareholders. In response, 10X III has until February 28, 2024, to submit a plan to NYSER outlining its strategy for remedying this deficiency and regaining compliance with NYSE American’s continued listing standards.
The Noncompliance Notice:On January 29, 2024, NYSER issued a formal notice (the Notice) to 10X III, citing the company’s failure to meet the required number of public shareholders stipulated in Section 1003(b)(i) of the NYSE American LLC Company Guide. As per the Notice, 10X III has until January 14, 2025, to regain compliance.
Remedial Action:To rectify the aforementioned deficiency, 10X III is expected to submit a comprehensive plan to NYSER by the Compliance Plan Due Date. This plan shall outline the strategies and steps the company intends to take to increase the number of public shareholders and meet the NYSE American’s requirements. The submitted plan will be reviewed by NYSER, which will determine whether it meets the necessary criteria for acceptance.
Possible Outcomes:If NYSER accepts 10X III’s plan, the company will be subjected to regular quarterly monitoring to ensure compliance with the outlined strategies. On the other hand, if NYSER does not accept the plan, 10X III will face suspension and delisting procedures.
Conclusion:In light of the noncompliance notice received from NYSER, 10X Capital Venture Acquisition Corp. III aims to submit a comprehensive plan before the Compliance Plan Due Date. The company’s is to regain compliance with NYSE American’s continued listing standards. The outcome of NYSER’s review of the submitted plan will determine whether 10X III will continue to be monitored for compliance or face suspension and delisting procedures.
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