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Talon 1 Acquisition Corp. (the “Company”) announced today that, on November 22, 2022, it received a notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that because it was delinquent in filing its Quarterly Report on Form 10-Q for the period ended September 30, 2022 (the “Form 10-Q”), it was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”). The Listing Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).
The Notice stated that the Company has sixty calendar days from the date of the Notice to submit a plan to regain compliance with the Listing Rule. If Nasdaq accepts the Company’s plan, it has the discretion to grant the Company an extension of up to 180 calendar days from the due date of the Form 10-Q (or until May 15, 2023) to regain compliance. The Notice has no immediate effect on the listing of the Company’s securities on Nasdaq.
As previously disclosed in the Company’s Notification of Late Filing on Form 12b-25 filed on November 15, 2022, the Company was unable to file the Form 10-Q by the required due date of November 14, 2022 because the Company required additional time to prepare and review its financial statements to ensure adequate disclosure of the financial information required to be included in the Form 10-Q. The Company filed its Form 10-Q later in the day on November 22, 2022 to cure the deficiency outlined in the Notice.
The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any stage of its corporate evolution or in any industry or sector, it intends to focus its search on companies in the global aerospace, aviation and aviation services industries. The Company is led by its Chief Executive Officer, Edward J. Wegel.
