Atlantic Coastal Acquisition receives expected Nasdaq delisting determination

Atlantic Coastal Acquisition received a Staff Delisting Determination from Nasdaq notifying the company that trading of the company’s common stock will be suspended from The Nasdaq Capital Market at the opening of business on February 23, and a Form 25-NSE will be filed with the SEC which will remove the company’s securities from listing and registration on The Nasdaq Stock Market. The company did not file its Form 10-Q for the period ended June 30, 2023, and its Form 10-Q for the period ended September 30, 2023. The staff granted the company an exception until February 13, 2024, to regain compliance with the Rule. However, the Staff has determined that the company did not meet the terms of the exception by not filing the Delinquent Report by the February 13, 2024 deadline. The Staff has also determined that since the company has not yet held an annual meeting of shareholders within twelve months of the end of the company’s fiscal year end, it no longer complies with Nasdaq’s Listing Rules for continued listing. The company does not intend to request a hearing to seek a further stay of the delisting action.