bleuacacia Ltd Faces Delisting from NASDAQ and Announces Liquidation

bleuacacia Ltd, a blank check company listed on the NASDAQ under the symbol BLEU, recently found itself in a challenging position as it received a notice from the Listing Qualifications department of The Nasdaq Stock Market LLC. The notice, dated November 18, 2024, indicated that due to the company’s failure to complete its initial business combination within 36 months of its registration statement’s effectiveness following the initial public offering (IPO), NASDAQ decided to delist the company’s securities. The delisting is in accordance with Nasdaq Listing Rule IM-5102-2.

As a consequence, the trading of bleuacacia’s Units, Class A Ordinary Shares, Rights, and Warrants will be halted starting November 25, 2024. Additionally, a Form 25-NSE will be filed with the Securities and Exchange Commission (SEC) to remove the company’s securities from listing and registration on NASDAQ. Even though there is a provision for appealing Nasdaq’s decision to a Hearings Panel, bleuacacia has communicated that it does not intend to pursue this option.

In a related development, on November 21, 2024, bleuacacia Ltd issued a press release disclosing its decision to liquidate and dissolve. This decision stems from the company’s inability to complete an initial business combination within the stipulated timeframe as per its amended and restated memorandum and articles of association. The liquidation is expected to take effect at the close of business on November 22, 2024.

To facilitate the liquidation process, the company will redeem all outstanding ordinary shares previously issued to public shareholders in the IPO, at a redemption price of around $11.10 per share. The redemption amount will cover accrued interest, tax obligations, and dissolution expenses. Subsequently, the Public Shares will be treated as canceled, and shareholders will be entitled to receive the redemption amount.

The company has confirmed that there will be no redemption rights or distributions for its warrants and rights, as they will expire without value. Holders of founder shares have agreed to waive their redemption rights concerning these shares. In the coming days, bleuacacia Ltd plans to file a Form 15 with the SEC to terminate the registration of its securities under the Securities Exchange Act of 1934.

The liquidation process will involve instructing the trustee of the trust account to liquidate it, with the proceeds being held in a non-interest-bearing account until disbursed to shareholders. Record holders of Public Shares will receive their portion of the proceeds by delivering their shares to the company’s transfer agent. Beneficial owners of Public Shares held in street name will receive the redemption amount without needing to take any action. The redemption process is expected to be finalized within ten business days of November 22, 2024.

For further information, the press release issued by bleuacacia Ltd on November 21, 2024, is attached as Exhibit 99.1 to the filing.

This comprehensive decision to dissolve and liquidate comes as the company reaches the end of its defined timeline without a successful business combination, leading to the necessary steps to wind down its operations and return capital to shareholders as outlined.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read bleuacacia’s 8K filing here.

About bleuacacia

bleuacacia ltd does not have significant operations. The company focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or related business combination with one or more businesses. It intends to identify business opportunities in the field of premium branded consumer retail.