Heartland Media Acquisition Corp. (NYSE:HMA) (the "Company") today announced that on January 12, 2023, the Company received a notice letter (the "Notice") from The New York Stock Exchange (the "NYSE") indicating that the Company is not currently in compliance with the provision of Section 802.01B of the NYSE Listed Company Manual requiring the Company to maintain a minimum of 300 public stockholders on a continuous basis.
Pursuant to the Notice, the Company is subject to the procedures set forth in Sections 801 and 802 of the NYSE Listed Company Manual, and accordingly must submit to the NYSE within 45 days of receiving the Notice a business plan that demonstrates how the Company expects to return to compliance with the minimum public stockholders requirement within 18 months of receiving the Notice. The Company intends to submit such a business plan to the NYSE by the required deadline to regain compliance with the minimum public stockholders requirement within the required timeframe.
The Company's business plan will be reviewed by the Listings Operations Committee (the "Committee") of the NYSE. If the Committee accepts the plan, the Company will be subject to quarterly monitoring for compliance with the plan. If the Committee does not accept the plan, the Company will be subject to suspension and delisting procedures.
During such time as the Company is deemed noncompliant with the minimum public stockholders requirement, the Company's Class A common stock, warrants, and units will bear the indicator ".BC" on the consolidated tape to indicate noncompliance with the NYSE's quantitative continued listing standards.
The Notice and the procedures described above have no current effect on the continued listing of the Company's securities on the NYSE, subject to the Company's compliance with the NYSE's other applicable continued listing requirements.