Nasdaq Stock Market has begun procedures to delist Easterly Acquisition Corp.'s securities after the latter failed to submit documentation to prove that it complied with the bourse's listing requirements.

On April 2, Nasdaq notified Easterly Acquisition that it was not in compliance with the exchange's listing requirements due to its failure to have at least 300 public common shareholders. The company had until July 29 to regain compliance with the requirements.

Easterly Acquisition also failed to meet a requirement for a special purpose acquisition company to complete one or more business combinations within 36 months after its registration statement became effective. The company has yet to complete a business combination since its registration statement took effect July 29, 2015.

The company plans to appeal the decision to a Nasdaq panel in an effort to keep its securities listed.