Registration for SPAC led by Statera CEO declared abandoned

FORT COLLINS — Sparta Healthcare Acquisition Corp., a special-purpose acquisition company led by Statera Biopharma Inc. (Nasdaq: STAB) CEO Michael Handley, had its registration declared abandoned Thursday by the U.S. Securities and Exchange Commission. 

According to the SEC order, the registration statement for Sparta Healthcare had been on file for more than nine months but had not yet become active. Sparta Healthcare failed to respond to notices from the SEC, so the registration was declared abandoned. 

Sparta Healthcare originally launched in May 2021 with a goal of raising $115 million to be listed on the Nasdaq.

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This comes amid a period of turmoil for Statera. The company is facing delisting from the Nasdaq and this year has been dropped by its accounting firm, accused of defaulting on an $11.2 million loan, and faced the resignations of numerous members of its board of directors. 

It has also been selling off its rights to produce numerous drugs. 

Statera has until July 20 to submit a plan to the Nasdaq to regain compliance and avoid delisting. If the Nasdaq accepts that plan, Statera will have until Oct. 17 to carry it out.