Fellazo, Inc. (FLLC), which had previously arranged a Sponsor Transfer Agreement with TKK Capital, unfortunately announced this evening that they have been de-listed from the Nasdaq. Following suspension of trading on Nasdaq, the Company’s units, ordinary shares, warrants and rights will trade on the OTC Markets under the tickers “FLLCU,” “FLLC,” “FLLCW” and “FLLCR,” respectively, effective at the open of business on March 5, 2020.
As background, this process began in November, due to Fellazo’s inability to file a timely 10-Q. However, the Company received a subsequent letter from the Nasdaq Staff stating that the Company failed to provide complete responses regarding information surrounding compensation of the SPAC team members. Nonetheless, in February, TKK Capital stepped in with a proposed Sponsor Transfer Agreement where Fellazo would swap out it’s team and TKK would effectively take over the SPAC. However, that agreement was contingent on Fellazo not being de-listed, i.e., the Sponsor Transfer Agreement would be terminated in the event Nasdaq determines to de-list Fellazo’s securities.
Now that a de-listing has, in fact, occurred, the TKK agreement is most likely off, but since there hasn’t been an 8-K filing yet confirming that, we’ll have to wait to see. Perhaps there will be a further amendment to the Sponsor Transfer Agreement.
For now, Fellazo is a Bulletin Board stock, starting tomorrow.
At the SPAC of Dawn Another day, another wave of trade war news as US President Donald Trump has announced fresh 25% tariffs on all imported automobiles on April 3 in addition to the new customs duties expected to come into force on April 2. These moves cut across a wide swath of SPAC target...
Armada Acquisition Corp. II has filed for a $200 million SPAC to combine with a fintech, SaaS or AI company with nearly the same team top-to-bottom that just completed its first SPAC combination in that space. The filing is Cohen & Company’s seventh of the year as left-lead underwriter and Northland Capital Markets is stepping in...
HCM II (NASDAQ:HOND) has entered into a definitive agreement to combine with nuclear reactor developer Terrestrial Energy at a pro forma equity value of $1.3 billion. Charlotte, North Carolina-based Terrestrial is developing unique molten salt nuclear reactors designed to generate enhanced heat outputs for industrial client processes. The combined company is expected to trade on...
At the SPAC of Dawn Rain or shine, legal challenges for SPACs do not appear to be going anywhere. Cornerstone Research found this week that the number of securities class action lawsuit settlements increased +6% in 2024 and suits targeted at SPACs or de-SPACs represented 19% of this total. On the plus side, the median...
At the SPAC of Dawn A new conservative stock with meme potential is further taking shape as the market finds its footing this week. Firearms marketplace GrabAGun nominated its Board that will take their seats after the company completes its combination with Colombier II (NYSE:CLBR) anticipated later this summer. This Board includes Donald Trump Jr.,...