04:27 AM EDT, 06/26/2024 (MT Newswires) -- Embrace Change Acquisition Corp. ( EMCG ) said Tuesday that it received a notice from the Nasdaq Stock Market that due to its noncompliance with Nasdaq's continued listing requirements, the company's securities will be delisted from Nasdaq unless an appeal reverses their determination.

This comes as a result of the company's failure to comply with the Nasdaq rule that requires a minimum of 400 total shareholders and its failure to timely file its annual report on Form 10-K for the fiscal year ended Dec. 31, 2023, and its quarterly report on Form 10-Q for the period ended March 31.

Unless the company requests an appeal, trading of its securities will be suspended on July 3 and a Form 25-NSE will be filed with the Securities and Exchange Commission to remove the company's securities from listing and registration on Nasdaq.

The company said it plans to timely request a hearing before a Nasdaq Hearings Panel to appeal the staff determination, which will stay the suspension of the company's securities and the filing of the Form 25-NSE pending the panel's decision.

The company also plans to present its plan to regain compliance with the listing rules and request continued listing until it regains compliance.

Chief Executive Officer Jingyu Wang said that the company is actively working to increase its total shareholder count and expedite the completion of its overdue financial reports.