LONDON, Feb. 26, 2014 /PRNewswire/ -- Collabrium Japan Acquisition Corporation (Nasdaq: JACQU; JACQ; JACQW) (the "Company") announced today that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on February 20, 2014 indicating that the Company is not in compliance with Listing Rule 5550(a)(3) (the "Minimum Public Holders Rule"), which requires the Company to have at least of 300 public holders for continued listing on the exchange.
The letter stated that, no later than April 6, 2014, the Company is required to submit a plan to regain compliance with the Minimum Public Holders Rule. If Nasdaq accepts the Company's plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the letter to evidence compliance with the Minimum Public Holders Rule. If Nasdaq does not accept the Company's plan, the Company will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel. The Company intends to submit a plan with Nasdaq on or before April 6, 2014 to maintain its Nasdaq listing.
This announcement is being made in compliance with Listing Rule 5810(b).
About Collabrium Japan Acquisition Corporation
Collabrium Japan Acquisition Corporation is a blank check company organized for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, contractual control arrangement with, purchasing all or substantially all of the assets of, or any other similar business combination with, one or more businesses or entities. The Company's efforts to identify a prospective target business is not limited to any particular industry or geographic region.
Forward Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.
Collabrium Japan Acquisition Corporation
SOURCE Collabrium Japan Acquisition Corporation