Vision Sensing Acquisition Corp. Received Nasdaq Delisting Determination Letter and Intends to Appeal the Determination and Request a Stay Pending the Appeal Hearing

NEW YORK, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW) (the “Company” or “VSAC”), a special purpose acquisition company, announced today that it received a staff determination letter (the "Letter"), on January 17, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company of the determination from the Nasdaq Staff (the "Staff") to delist the Company's securities from The Nasdaq Stock Market, because, as of December 26, 2023, the Company had not regained compliance with the requirement set forth Listing Rule 5450(b)(2)(A) that requires the market value of the Company’s listed securities to be $50,000,000 or more.

The Letter also states that since the Company has not yet filed its Form 10-Q for the period ended September 30, 2023 (the “Filing”), it no longer complies with Listing Rule 5250(c)(1) for continued listing. Accordingly, this matter serves as a separate and additional basis for delisting the Company’s securities from The Nasdaq Stock Market.

In addition, the Letter states that on October 9, 2023, Staff notified the Company that is does not comply with the minimum 400 total holders requirement, as is required by Listing Rule 5450(a)(2). Furthermore, pursuant to Listing Rule 5810(c)(2)(A), Staff may not accept a plan to regain compliance from the Company as the Company is currently under review by an adjudicatory body. As such, this matter also serves as a separate and additional basis for delisting the Company’s securities from The Nasdaq Stock Market.

Pursuant to the Letter, unless the Company requests an appeal of the Staff's determination, trading of the Company's ordinary shares will be suspended at the opening of business on January 26, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove the Company's securities from listing and registration on The Nasdaq Stock Market.

The letter states that the Company may appeal Staff’s determination to a Hearings Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. Hearings are typically scheduled to occur approximately 30-45 days after the date of the hearing request. A request for a hearing regarding a delinquent filing will stay the suspension of the Company’s securities only for a period of 15 days from the date of the request. When the Company requests a hearing, it may also request a stay of the suspension, pending the hearing. On January 23, 2024, the Company requested a hearing to appeal the delisting determination and a stay of suspension, pending the hearing and submitted a mini-compliance plan to regain compliance with the Listing Rules, in support of said application.