Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On March 31, 2023, Digital Health Acquisition Corp., a Delaware corporation (the
"Company"), received a letter (the "Letter") from the staff at The Nasdaq Global
Market ("Nasdaq Global") notifying the Company that for the 30 consecutive
trading days prior to the date of the Letter, the Company's securities listed on
Nasdaq Global (including the Common Stock, Units and Warrants) (the
"Securities") had traded at a value below the minimum $50,000,000 "Market Value
of Listed Securities" ("MVLS") requirement set forth in Nasdaq Listing Rule
5450(b)(2)(A), which is required for continued listing of the Company's
Securities on Nasdaq Global. 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 Global.
In accordance with Nasdaq listing rule 5810(c)(3)(C), the Company has 180
calendar days, or until September 27, 2023, to regain compliance. The Letter
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, which
ends September 27, 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 it then satisfies the requirements for continued listing on that market).
If the Company does not regain compliance by September 27, 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
September 27, 2023, and may, if appropriate, evaluate available options
including applying for a transfer to The Nasdaq Capital Market 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
Global, there can be no assurance that the Company will be able to regain or
maintain compliance with Nasdaq Global listing standards.
© Edgar Online, source Glimpses