NEW YORK--(BUSINESS WIRE)--The New York Stock Exchange (“NYSE”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the warrants of Equity Distribution Acquisition Corp. (the “Company”), each exercisable for one share of Class A common stock — ticker symbol EQD WS — from the NYSE. Trading in the Company’s warrants will be suspended immediately. Trading in the Company’s Class A common stock — ticker symbol EQD — and Units — ticker symbol EQD U — is expected to continue on the NYSE until the close of business on September 16, 2022. The Company announced on August 9, 2022 that it will redeem all of its outstanding shares of Class A common stock issued as part of the units sold in the Company’s initial public offering, effective as of the close of business on September 19, 2022, because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Incorporation.
NYSE Regulation has determined that the warrants are no longer suitable for listing based on “abnormally low” price levels, pursuant to Section 802.01D of the Listed Company Manual. The Company also disclosed on August 9, 2022 that there will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the warrants upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.