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Delisting Looms Over Athena
NYSE delisting ahead
Zalán Z
December 15, 2024
Athena Technology Acquisition Corp. II, a $126 million SPAC, is in hot water as the NYSE American moves to delist its securities for failing to finalize a business combination on time.
The company’s stock has plummeted by 91% in the past six months, with troubling financial metrics like a -$0.11 EPS and an Altman Z-Score of -2.34 signaling distress. Despite this, Athena remains determined to close its deal with Ace Green Recycling and is eyeing a potential move to Nasdaq.
The clock is ticking, with a December 17 deadline to appeal the delisting decision. Can Athena pull off a comeback, or will it become yet another SPAC cautionary tale?