The Exchange announces that the listing of the Company's Securities will be cancelled with effect from 9:00 am on 30 June 2025 under Rule 18B.74.
On 9 December 2024, the Company announced that the de-SPAC transaction to be effected through the acquisition of Quwan Holding Limited (as announced on 8 December 2023) will not proceed. After that, the Company did not have any de-SPAC transaction in effect with definitive terms announced under Rule 18B.69. Accordingly, trading in the Company’s Securities has been suspended since 10 December 2024 having considered that the Company has failed to meet the announcement deadline under Rule 18B.69 and there was no ground for the dispensation of the requirement under Rule 18B.69.
In light of the Company’s failure to meet the deadline prescribed under Rule 18B.69, the Company was required to return the funds held in the escrow account to its class A shareholders (the Return of Funds).
On 12 June 2025, the Listing Committee decided to cancel the listing of the Company’s Securities on the Exchange under Rule 18B.74 upon completion of the Return of Funds which was subsequently completed on 16 June 2025.
The Exchange has requested the Company to publish an announcement on the cancellation of its listing under Rule 18B.75.
The Exchange advises holders of the Company’s Securities who have any queries about the implications of the delisting to obtain appropriate professional advice.
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