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Skift Take
This is another proof point that much of the SPAC trend of a few years ago was a dud.
Inspirato, with a market cap a tad more than $14 million, has appealed a Nasdaq determination that the luxury accommodation provider didn’t meet the minimum market cap standard of $15 million for an extended period.
Inspirato’s appeal stays the pending delisting throughout the appeals process, a spokesperson said Friday. If not for the appeal, Inspiration’s shares would have ceased trading on Nasdaq on Monday, June 10.
Nasdaq had previously given Inspirato 180 days, or until May 28, 2024, to meet the compliance standards, but the company was unable to do so.
“The company is taking steps to address the non-compliance and is actively pursuing strategies to comply with Nasdaq’s continued listing requirements,” Inspirato stated in a financial filing last week.
Inspirato’s core business is to provide luxury accommodations to travelers through a subscription service, but it has branched out into non-subscription services, as well.
Inspirato has struggled with profitability since its public market debut in early 2022, and avoided a delisting last year through a reverse stock split.
The company has been on a cost-cutting binge in an attempt to stem its losses.
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