Company: BCAR
Filing Date: 2025-07-23
Form Type: S-1/A
Source: 0001829126-25-005309
Chunk: 127

Company: D. Boral ARC Acquisition I Corp.
Filing Date: 2025-07-23
Form: S-1/A
Chunk 127
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 its exchange and we are not able to list our securities on another national securities exchange, we expect our securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, including:

| ● | a limited availability of market quotations for our securities; |

| ● | reduced liquidity for our securities; |

| ● | a determination that our Class A ordinary shares are a “penny stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities; |

| ● | a limited amount of news and analyst coverage; and |

| ● | a decreased ability to issue additional securities or obtain additional financing in the future. |

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The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” Because we expect that our units and eventually our Class A ordinary shares and warrants will be listed on Nasdaq, our units, Class A ordinary shares and warrants will qualify as covered securities under the statute. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by blank check companies, other than the State of Idaho, certain state securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states. Further, if we were no longer listed on Nasdaq, our securities would not qualify as covered securities under the statute and we would be subject to regulation in each state in which we offer our securities.

In the event that New ARC fails to satisfy any of the listing requirements of Nasdaq or the NYSE, they may reject our listing application, and the parties may waive any closing condition in the initial business combination agreement that ordinary shares of New ARC be listed on Nasdaq or the NYSE at the closing of the initial business combination.

Following our initial business combination, we expect that the ordinary shares and public warrants of New ARC will be listed on either Nasdaq or