Pegasus Digital Mobility Acquisition Corp. (NYSE: PGSS, PGSS.U, PGSS.WS) (the “Company”), a special purpose acquisition company founded by Pegasus Digital Mobility Sponsor, LLC, and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or assets (a “Business Combination”), announced that on January 19, 2024, the Company was notified by the New York Stock Exchange (“NYSE”) that the Company is not in compliance with the NYSE’s continued listing standard set forth in Section 802.01B of the NYSE Listed Company Manual that requires all listed companies to have a minimum of 300 public stockholders on a continuous basis.
The current non-compliance with the NYSE’s listing standards described above does not affect the Company’s operations or its ability to complete a Business Combination.
Under the NYSE’s rules, the Company has 45 days to present a business plan (the “Business Plan”) to the NYSE that demonstrates how the Company intends to cure the deficiency within 18 months of the date of the NYSE notice.
The Business Plan will be reviewed by the Listings Operations Committee (the “Committee”) of the NYSE.
The Committee will either accept the Business Plan, at which time the Company will be subject to quarterly monitoring for compliance with the Business Plan, or the Committee will not accept the Business Plan and the Company will be subject to suspension and delisting procedures.