Infinity Cross Border Acquisition Corporation Receives Notification from Nasdaq
NEW YORK and TEL AVIV, Israel, February 28, 2014 /PRNewswire/ --
Infinity Cross Border Acquisition Corporation (the "Company") (Nasdaq: INXB) announced today that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on February 24, 2014 indicating that the Company is not in compliance with Listing Rule 5550(a)(3) (the "Minimum Holders Rule"), which requires the Company to have at least 300 public holders of its ordinary shares for continued listing on the exchange.
The letter stated that, no later than April 10, 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 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 10, 2014 to regain compliance and maintain its Nasdaq listing.
About Infinity Cross Border Acquisition Corporation
Infinity Cross Border Acquisition Corp. is a blank check company co-sponsored by Infinity Group and Hicks Holdings LLC. The Company held its IPO on July 25, 2012 and was established for the purpose of acquiring a growing business via a reverse merger. On January 8, 2014, Infinity and Glori Energy Inc. ("Glori") entered into a merger and share exchange agreement whereby Glori will become a publicly listed company through a merger with Infinity, in a transaction valued at approximately $185 million. Infinity expects to complete the transaction on or before April 25, 2014.
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.
Marjie Hadad, International Media Liaison
SOURCE Infinity Cross Border Acquisition Corporation