Spark I Acquisition Corporation received a written notice from The Nasdaq Stock Market on September 30, 2026, stating that its securities will be delisted because the company failed to complete its initial business combination by September 29, 2026. The delisting is triggered by the failure to meet the requirements of Nasdaq Interpretive Material IM-5101-2, which mandates a business combination within 36 months of the effectiveness of the company's IPO registration statement.
Trading in Spark I's Class A ordinary shares, units, and warrants is suspended at the opening of business on October 7, 2026. Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission to remove the company's securities from listing and registration. Following delisting, Spark I expects its securities to be quoted on the Pink Limited Market operated on The OTC Market systems under the symbols SPKL, SPKLU, and SPKLW. The company notes there is no guarantee that a broker will continue to make a market in its securities or that trading will continue on the OTC Market.
Spark I intends to complete its previously announced business combination with ZincFive, Inc., and list its Class A ordinary shares and warrants on Nasdaq or another national securities exchange as soon as practicable. However, the company states there can be no assurance that an initial business combination will be successful or that its securities will ultimately be listed on Nasdaq in connection with the transaction.
The filing includes forward-looking statements regarding the proposed transaction with ZincFive, which are subject to risks and uncertainties. These include ZincFive's ability to grow its business, retain management and key employees, and secure raw materials. Other risks cited include governmental actions affecting international operations, competitive pressures, and the potential need for additional financing. The company also highlights risks related to privacy, data protection, cybersecurity, and the evolution of the data center industry, including artificial intelligence adoption. Geopolitical conflict, supply chain disruptions, and changes in taxes, tariffs, or trade conditions are listed as potential factors that could cause actual results to differ from projections. Additionally, the filing notes the risk that Spark I shareholders may elect to redeem their shares, potentially leaving the combined company with insufficient cash to execute its business plans.