02:33 PM EDT, 10/11/2024 (MT Newswires) -- Focus Impact BH3 Acquisition Company ( BHAC ) said Friday its shares will be suspended from trading on Nasdaq starting Monday.

The stock exchange decided to suspend trading in the company after it failed to meet a requirement that it merge with another business within 36 months of its initial public offering registration statement.

Focus Impact said its shares and warrants would be eligible to trade on the OTC Pink Marketplace following its suspension from Nasdaq.

Meanwhile, the company said it had prepared and filed a registration statement for a new entity called Focus Impact BH3 Newco as part of its planned merger with XCF Global Capital.

Focus Impact said the filings include a proxy statement with respect to a meeting of its shareholders to approve the merger.

Privately-held XCF Global announced plans to merge with Focus Impact in March to become a publicly listed company on the New York Stock Exchange or Nasdaq.

At the time, XCF Global said it intended to become a leading producer of sustainable aviation fuel in North America and operate as a pure-play SAF producer in the US with an initial annualized production capacity of 38 million gallons.

The combined company would have an implied pro forma enterprise value of $1.84 billion, XCF Global said at the time.