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Aldel Financial II Inc., trading on NASDAQ under the ticker ALDF, announced Thursday it will be delisted from the stock market, with its shares, warrants, and units set to suspend trading on November 6. This move comes after Nasdaq determined the company failed to meet the criteria set forth in Listing Rule 5450(a)(2) and failed to submit a compliance plan before the deadline.

Currently valued at $10.82, the stock has been fluctuating between its 52-week low of $10.45 and high of $10.98. An InvestingPro tip indicates that the stock typically exhibits low price volatility, characteristic of special purpose acquisition companies (SPACs) awaiting mergers. Upon receiving a letter from Nasdaq, the company informed the Securities and Exchange Commission (SEC) that it will file a Form 25-NSE to delist its securities from the exchange.

OTC Markets Group confirmed that new trading symbols—ALDF, ALDFU, and ALDFW—have been assigned by FINRA for Aldel Financial II's Class A ordinary shares, units, and warrants, respectively. From November 6, these securities will be quoted and traded in the over-the-counter market. Additionally, Aldel Financial II, a Cayman Islands exempted company, announced on October 23 that it had issued an unsecured promissory note of up to $1,000,000 to its sponsor, Aldel Investors II LLC.

The note, bearing no interest, is for working capital purposes, including extension payments under the investment management trust agreement, and is due in full upon completion of the company's initial business combination. Failure to pay the note at maturity would be considered a default, potentially leading to its acceleration.

This report, generated with AI assistance and reviewed by an editor, was compiled without altering the source material.