On July 24, 2023, UTA Acquisition Corporation (the “Company”) received a written notice from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating the Staff’s determination to delist the Company’s redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 (the “public warrants”), from the Nasdaq Global Market (the “Delisting Determination”), due to non-compliance with Listing Rule 5452(b)(B), which requires the public warrants to be held by at least 100 holders in order to continue the listing of the public warrants on the Nasdaq Global Market.
Accordingly, unless the Company requests an appeal of the Delisting Determination, the Company’s warrants will be suspended from the Nasdaq Global Market on August 2, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s warrants from listing and registration on Nasdaq. The Company may appeal the Delisting Determination to a hearings panel by submitting a hearing request, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series, no later than 4:00 Eastern Time on July 31, 2023. In the event the Company does not request an appeal of the Delisting Determination, trading of the Company’s warrants will be suspended at the opening of business on August 2, 2023. The Company does not plan to appeal the Delisting Determination.
Forward-Looking Statements.
This Current Report on Form 8-K contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the Company’s ability to submit a hearing request within the required timeframe and the Company’s ability to appeal the Delisting Determination or the Company’s ability to evidence compliance with Listing Rule 5452(a)(2)(A). These statements are based on various assumptions and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 under the heading “Risk Factors,” and other documents of the Company filed, or to be filed, with the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this disclosure statement. Accordingly, undue reliance should not be placed upon the forward-looking statements.]
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