 Hudson Acquisition I Corp. (the "Company" or "Hudson") (NASDAQ:HUDA), announced today that it received a notice (the "Notice") from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") on May 23, 2023, indicating that the Company is currently not in compliance with Nasdaq's Listing Rules (the "Listing Rules") due to the delayed filing of its Form 10-Q for the period ended March 31, 2023, as well as the pending filing of its 10-K for the period ended December 31, 2022 (the "Initial Delinquent Filing"), with the Securities and Exchange Commission ("SEC").
As per the Listing Rules, Nasdaq has granted the Company until June 20, 2023, to submit a plan outlining its strategy to regain compliance. Upon acceptance of the Company's plan, Nasdaq may provide an exception of up to 180 calendar days from the due date of the Initial Delinquent Filing, or until October 16, 2023, for the Company to regain compliance. However, the acceptance of the plan by Nasdaq and the subsequent compliance within any extension period granted cannot be guaranteed. Additionally, the Company must continue to meet other continued listing requirements specified in the Nasdaq Listing Rules. Should Nasdaq reject the Company's plan, the Company retains the right to appeal the decision to a Nasdaq hearings panel.
To rectify the situation promptly, the Company has decided to replace its former auditor due to significant concerns related to the level of customer service received and is proactive in engaging a new auditor. Simultaneously, the Company is diligently working towards completing the required Form 10-Q and 10-K filings and intends to submit both forms as soon as practicable, thereby regaining compliance with the Listing Rules.
It is important to note that the Notice has no immediate impact on the listing or trading of the Company's securities on Nasdaq. Hudson Acquisition I Corp. remains committed to transparency and regulatory compliance and will provide timely updates on its progress.