UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 3.01. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On January 11, 2023, SVF Investment Corp. (the “Company”) received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company was deficient in meeting the requirements of Listing Rule 5620(a), which requires the Company to hold an annual meeting of shareholders no later than one year after the end of the Company’s 2021 fiscal year-end. In accordance with Nasdaq Listing Rule 5810(c)(2)(G), the Company has 45 calendar days (or until February 25, 2023) (the “Compliance Period”) to submit a plan to regain compliance and, if Nasdaq accepts the plan, Nasdaq may grant the Company up to 180 calendar days from its fiscal year end, or until June 29, 2023, to regain compliance. While the plan is pending, the Company’s securities will continue to trade on Nasdaq.
The Company anticipates that its Class A ordinary shares, par value $0.0001 (the “Public Shares”), units and warrants will be delisted from Nasdaq prior to the expiry of the Compliance Period in connection with the redemption of the Public Shares (as further described in the press release dated January 12, 2023, attached hereto as Exhibit 99.1). Accordingly, the Company does not intend to submit a compliance plan within the Compliance Period.
| Item 8.01. | Other Events. |
On January 12, 2023, the Company issued a press release announcing that as of the close of business on January 27, 2023, the Public Shares will be deemed cancelled and will represent only the right to receive their pro-rata share in the Company’s trust account, because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association.
The Company’s sponsor has agreed to waive its redemption rights with respect to its outstanding Class B ordinary shares issued prior to the Company’s initial public offering. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| Exhibit |
Description | |
| 99.1 | Press release, dated January 12, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SVF INVESTMENT CORP. | ||||||
| Date: January 12, 2023 | By: | /s/ Navneet Govil | ||||
| Name: | Navneet Govil | |||||
| Title: | Chairperson, Chief Executive Officer and Chief Financial Officer | |||||