Brilliant Acquisition Faces Delisting from Nasdaq Due to Non-Compliance

Brilliant Acquisition (OTCMKTS:BRLIU) received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC on November 13, 2024. The notice stated that the company would be delisted from The Nasdaq Global Market for failing to comply with Nasdaq Listing Rule 5450(b)(2)(C), which requires a market value of publicly held shares of at least $15 million, and Listing Rule 5450(b)(2)(A), requiring a market value of listed securities of at least $50 million. This decision follows an initial notification from Nasdaq on May 16, 2024, giving Brilliant Acquisition 180 days to regain compliance, a deadline that lapsed on November 12, 2024.

Despite being granted a 180-day period for compliance, Brilliant Acquisition did not meet the required market value standards. Consequently, Nasdaq determined to delist the company’s securities from The Nasdaq Global Market. Brilliant Acquisition intends to appeal this decision to a Nasdaq Hearings Panel, following the procedures stated in Nasdaq Listing Rule 5800 Series. The company plans to request a hearing by November 20, 2024, which will halt the suspension of its securities and the Form 25-NSE filing until the Panel’s decision.

Throughout the appeal process, Brilliant Acquisition’s common stock and warrants will continue trading on The Nasdaq Global Market under the symbols NUKK and NUKKW, respectively. However, there is no guarantee that the Panel will grant the company’s request for continued listing. Brilliant Acquisition is committed to keeping shareholders and the public informed of significant developments related to this matter through appropriate filings with the Securities and Exchange Commission and press releases, pursuant to relevant laws and regulations.

Moreover, on November 8, 2024, Brilliant Acquisition entered into a Conversion Agreement with X Group Fund of Funds to convert outstanding principal and interest of $771,085 (the “X Group Debt”) into shares of common stock. Subsequently, on November 14, 2024, an amendment was made to the Conversion Agreement and related Warrant. The amendment detailed the issuance of 319,952 shares of common stock and an amended exercise price of $2.41 for the Warrant.

The offers, sales, and issuances of securities mentioned were made to accredited investors, utilizing exemptions under the Securities Act of 1933 and/or Rule 506 of Regulation D. Also, no advertising or general solicitation was involved, and the offers and sales were limited to accredited investors as required by Securities Act regulations.

As per the 8-K SEC Filing, Brilliant Acquisition included a Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard with updates on the delisting notice and the conversion agreement, thus providing shareholders and stakeholders with a comprehensive view of the company’s current situation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Brilliant Acquisition’s 8K filing here.

Brilliant Acquisition Company Profile

Brilliant Acquisition Corporation does not have significant operations. The company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses. Brilliant Acquisition Corporation was incorporated in 2019 and is based in Shanghai, China.