Nasdaq has notified Relativity Acquisition (NASDAQ:RACY) that the company was not in compliance with the stock exchange's listing rules, and the staff has determined delisting of the shares.
The company was not in compliance with the rules that require a minimum of $50M market value of listed securities, a minimum 1.1M publicly-held shares and a minimum of $15M in market value of publicly-held shares.
Additionally, the company does not comply with either of the alternative requirements for continued listing.
Relativity Acquisition has requested a hearing before the Nasdaq Hearings Panel to appeal the delisting determination.