Last of Tavrin-affiliated SPACs on Nasdaq to be delisted

MOSCOW. Dec 21 (Interfax) - Nasdaq has issued a notification on the delisting of Kismet Acquisition Three Corp - the last of Ivan Tavrin's SPACs listed on the US exchange. The relevant document was made available on the website of the U.S. Securities and Exchange Commission.

Nasdaq notified in November that the company may stop trading on the exchange. The exchange said it had initiated a process that could lead to the delisting of the company's securities due to non-compliance with the requirement of timely filing of all financial reports with the SEC.

Nasdaq issued a notification in November that the company could cease trading on the exchange. The exchange said it had initiated a process that could lead to the delisting of the company's securities because it did not comply with a requirement to file all financial reports with the SEC on time.

Kismet Acquisition Three Corp. could have challenged Nasdaq's decision, but did not do so.

SPACs have no assets and no operations; such shell companies go public and raise funds from investors, committing to spend the funds raised to purchase assets in a particular area and over a period of several years. Only Tavrin's first SPAC, Kismet Acquisition One, which merged with game developer Nexters in 2021, has accomplished this task.

This summer, Tavrin parted ways with other of his SPACs, Kismet Acquisition Two, leaving management positions with the company and transferring a "sponsorship" stake in its capital.