Adit EdTech Acquisition Cor, a special purpose acquisition company, has officially declared its intent to voluntarily de-list its common stock, units, and warrants from The NYSE American LLC. The announcement, made today, triggered a significant decline in Adit EdTech Acquisition Cor’s stock. Opening trading on Tuesday at $3.40, the stock experienced a sharp drop from its closing price on Friday, which stood at $5.01.
At the time of this publication, Adit EdTech Acquisition Cor stock (ADEX) has witnessed a decline.
ADEX
Adit EdTech Acquisition Cor
Current Price: $3.90
Change : -1.11
Change (%): (-22.16%)
Volume: 28.9K
Source: Tomorrow Events Market Data
The decision to de-list was communicated to The NYSE American on December 26, 2023. Adit EdTech Acquisition Corp took this step in response to indications from The NYSE American that it would not approve the listing of the post-closing company. In line with this decision, Adit EdTech Acquisition Corp plans to timely file a Form 25 with the Securities and Exchange Commission to effectuate the de-listing. The de-listing is anticipated to take effect on or about January 15, 2024.
The driving force behind ADEX’s voluntary de-listing is rooted in The NYSE American’s reluctance to greenlight the listing of the post-closing company. ADEX, in its applications, aimed to list its common stock and warrants on securities exchanges in both the U.S. and Canada. However, ADEX expects that after the completion of its business combination with Griid Holdco LLC, its common stock and warrants will find listing on an exchange in Canada and the U.S.
Post de-listing, ADEX plans to maintain its regulatory compliance by continuing to file the same types of periodic reports and other information with the U.S. Securities and Exchange Commission.
The recent stock performance of Adit EdTech Acquisition Corp reveals a downward trend:
– 5 Day: -17.08%
– 1 Month: -57.75%
– 3 Month: -62.56%
– Year-to-Date (YTD): -60.63%
– 1 Year: -60.65%
This decline in stock performance may be attributed to the uncertainty surrounding the de-listing decision and the subsequent expectations for a listing on exchanges in Canada and the U.S. following the business combination with Griid Holdco LLC.
Investors and market participants will likely keep a close eye on developments in the coming weeks, especially leading up to the anticipated effective date of the de-listing on January 15, 2024. ADEX’s strategic decisions and the outcome of its business combination could significantly impact its future positioning in the financial markets.
