Fellazo Inc. Receives Notice from Nasdaq
NEW YORK, NY, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Fellazo Inc. (the “Company”)
announced today that, on December 13, 2019, the Company received a notice from
the Listing Qualification Staff (the “Staff”) of The Nasdaq Stock Market LLC
(“Nasdaq”) stating that, based upon its review of the Company’s filings with
the Securities and Exchange Commission (“SEC”) and the materials submitted by
the Company to Nasdaq, the Staff had determined to (i) deny the Company’s
extension request through May 18, 2020 to evidence compliance with Nasdaq
Listing Rule 5250(c)(1) due to the Company’s failure to timely file its
Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2019
(“Form 10-Q”), and (ii) delist the Company’s securities from Nasdaq for its
failure to (a) timely file its Form 10-Q as required by Nasdaq Listing Rule
5250(c)(1) and (b) disclose certain information as required by Listing Rule
5250(b)(1), concerning certain unauthorized related party transactions as
described in the Company’s Current Report on Form 8-K filed with the SEC on
December 18, 2019, none of which transactions involved the funds the Company
deposited in its trust account. Therefore, the Company’s securities may be
delisted from Nasdaq and the trading of the Company’s securities may be
suspended at the opening of business on December 23, 2019 unless the Company
timely requests a hearing before a Nasdaq Hearings Panel (“Panel”). If the
trading of the Company’s securities is suspended, the Company’s securities
will cease to be quoted on Nasdaq and may be traded on the over the counter
market.
The Company intends to appeal Staff’s determination. The request for a hearing
will automatically stay the suspension and delisting of the Company’s
securities through January 6, 2020. In connection with the request for a
hearing, the Company also intends to request a stay of the suspension of
trading and delisting of the Company’s securities pending the completion of
the hearing process and the expiration of any additional extension period
granted by the Panel following the hearing. However, there can be no assurance
that such a stay will be granted or that the Company will be able to regain
compliance with all applicable requirements for continued listing.
About Fellazo Inc.
Fellazo Inc. is a newly incorporated blank check company incorporated as a
Cayman Islands exempted company and incorporated for the purpose of effecting
a merger, share exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. Although we are not
limited to a particular industry or geographic region for purposes of
consummating an initial business combination, we intend to focus on businesses
in the health food and supplement sector that have their primary operations in
Asia.
Forward-Looking Statements
Statements contained in this press release that are not historical fact may be
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements may relate to, among other things, the Company’s
ability to regain and maintain compliance with Nasdaq continued listing
requirements. Such forward-looking statements do not constitute guarantees of
future performance and are subject to a variety of risks and uncertainties.
Additional factors that could cause actual results to differ materially from
those projected or suggested in any forward-looking statements are contained
in the Company’s filings with the SEC, including those factors discussed under
the caption ''Risk Factors'' in such filings. Copies of such filings are
available on the SEC's website,. The Company undertakes no obligation to
update these statements for revisions or changes after the date of this
release, except as required by law.