NEW YORK - 10X Capital Venture Acquisition Corp. III (NYSE American: VCXB), a special purpose acquisition company, has been notified by the New York Stock Exchange Regulation, Inc. that it is not in compliance with the exchange's continued listing standards. The notice, dated April 17, 2024, was issued because the company did not file its Annual Report for the fiscal year ending December 31, 2023, on time.
The Annual Report was due on April 16, 2024, but the company's independent registered public accounting firm required additional time to complete the review of the financial statements for the year. As a result, 10X Capital Venture Acquisition Corp. III did not meet the filing deadline.
The NYSE American has granted the company a six-month period, known as the Cure Period, to file the overdue Annual Report. If 10X Capital Venture Acquisition Corp. III files the Annual Report with the Securities and Exchange Commission (SEC) during this timeframe, it can regain compliance with the listing standards.
10X Capital Venture Acquisition Corp. III has expressed its intention to cure the non-compliance by filing the Annual Report within the Cure Period. The company is focused on identifying high-growth businesses and bringing them to the public markets, both domestically and internationally.
This situation highlights the importance of timely financial disclosures as required by market regulators. The delay in filing the Annual Report could have implications for the company's stock performance and investor confidence.
The information for this article is based on a press release statement by 10X Capital Venture Acquisition Corp. III.
InvestingPro Insights
As 10X Capital Venture Acquisition Corp. III (NYSE American: VCXB) faces challenges with its regulatory filings, investors are closely monitoring the company's financial health and stock performance. According to InvestingPro data, VCXB has a market capitalization of $144.74 million, with a negative price-to-earnings (P/E) ratio of -196.53.
This negative P/E ratio is indicative of the company's lack of profitability over the last twelve months as of Q3 2023. Furthermore, the adjusted P/E ratio for the same period stands at -30.62, emphasizing the company's ongoing financial struggles.
InvestingPro Tips for VCXB suggest that the stock is currently in overbought territory, as indicated by the Relative Strength Index (RSI). Additionally, the company has been trading near its 52-week high, with the price at 99.0% of this peak. It is worth noting that the stock generally trades with low price volatility, which could be a factor for investors who prefer stable stock performance. However, VCXB does not pay a dividend to shareholders, which might be a consideration for income-focused investors.
These insights are particularly relevant in light of the company's recent non-compliance notice from the NYSE American. Investors may need to weigh the potential risks associated with the company's current financial position and its ability to meet future obligations. For a deeper analysis and more InvestingPro Tips, interested readers can explore the full list of insights available at InvestingPro, and use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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