Company: APACU
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001829126-25-003414
Chunk: 176

Company: StoneBridge Acquisition II Corp
Filing Date: 2025-05-05
Form: S-1
Chunk 176
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 compliance with Nasdaq Listing Rule 5250(c)(2), which requires each foreign private issuer to submit on a Form 6-K an interim balance sheet and income statement as of the end of its second quarter to the SEC. Under Nasdaq’s listing rules, DigiAsia has 60 calendar days to submit a plan to regain compliance. If the plan is accepted by Nasdaq, DigiAsia can be granted up to 180 calendar days from the filing’s due date, or until June 30, 2025, to regain compliance.

On April 22, 2025, DigiAsia received a letter from the Nasdaq Stock Market LLC notifying DigiAsia that based on the Market Value of Listed Securities of DigiAsia for the period from March 10, 2025 to April 21, 2025, DigiAsia no longer met the Nasdaq continued listing requirement under Nasdaq Listing Rule 5550(b)(2), to maintain a minimum Market Value of Listed Securities of $35 million. Nasdaq has provided DigiAsia with 180 calendar days, or until October 20, 2025, to regain compliance with the Nasdaq continued listing requirement. In the event that DigiAsia does not regain compliance by such date, Nasdaq will provide notice that DigiAsia’s securities will be subject to delisting. In that event, DigiAsia may appeal such determination to a hearing panel.

On August 27, 2024, our sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering costs in exchange for 5,750,000 Class B ordinary shares (founder shares), up to 750,000 of which were subject to forfeiture depending on the extent to which the underwriter’s over-allotment option in our initial public offering was exercised. In connection with a reduction in the size of this offering, on April 21, 2025, the 5,750,000 founder shares owned by our sponsor was adjusted, for no additional consideration, to 1,916,667 founder shares (up to 250,000 of which will be surrendered to us for no consideration after the closing of this offering depending on the extent to which the underwriter’s over-allotment option is exercised). Consequently, our sponsor currently owns an aggregate of 1,916,667 founder shares, deemed to have been purchased for $25,000, or $0.01 per share, up to 250,000