Aetherium Acquisition Corp. Prepares Compliance Plan Amid Nasdaq Trading Suspension Notice

Aetherium Acquisition Corp. (Nasdaq: GMFI) is taking proactive steps to address the recent notice from The Nasdaq Stock Market LLC (“Nasdaq”) regarding the potential suspension of trading for the company’s securities. The notice, received on June 18, 2024, stated that Aetherium Acquisition Corp. did not regain compliance with the total holder requirement and the minimum market value of listed securities (“MVLS”) requirement.

In response, the company has requested a hearing before Nasdaq’s Listing Council and is preparing a comprehensive plan of compliance to be submitted by July 5, 2024. Aetherium Acquisition Corp. had previously outlined a compliance plan that involved qualifying for the Nasdaq Capital Market and submitting a transfer application to trade its securities there. The company still intends to file Form F-4 related to its announced business combination before a decision is made on the pending appeal.

The compliance issues arose when the company failed to meet the minimum MVLS of $50,000,000 and the minimum 400 total holders requirement. However, Aetherium Acquisition Corp. appealed the delisting determination to the Nasdaq Hearings Panel, which granted an exception until May 28, 2024, allowing the company to continue its listing on Nasdaq.

To address the MVLS requirement, the company’s stockholders approved an amendment to its Charter, resulting in the conversion of Class B common stock to Class A common stock. This conversion fulfilled the company’s plan to regain compliance with the Market Value of Listed Securities.

Aetherium Acquisition Corp. is a blank check company focused on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. While it does not limit its search to a specific sector or region, the company aims to target businesses in the education, training, and education technology (“EdTech”) industries, primarily in Asia (excluding China).

The company remains optimistic about its ability to appeal the determination successfully and is committed to fulfilling its compliance obligations. Aetherium Acquisition Corp. will continue to update the market as it progresses with its compliance plan.

Forward-looking statements in this release highlight the company’s plans to appeal the determination and emphasize its commitment to compliance. Aetherium Acquisition Corp. encourages investors to review its annual report on Form 10-K for the year ended December 31, 2023, subsequent quarterly reports on Form 10-Qs, and any other filings made with the Securities and Exchange Commission (“SEC”) for a comprehensive understanding of the company’s operations.

Aetherium Acquisition Corp. Contact:
Alex Lee, CFO
alex.lee@aetheriumcapital.com

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