Stemming from SEC Guidance Concerning Balance Sheet Treatment of Warrants, Avanti Acquisition Corp. Announces Receipt of NYSE...
28 Mai 2021 - 10:00PM
Business Wire
Avanti Acquisition Corp. (NYSE: AVAN) (the “Company”) today
announced that it received a formal notice of non-compliance from
the New York Stock Exchange (the “NYSE”) relating to the Company’s
failure to timely file its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021 (the “Form 10-Q”) as required under
the timely filing criteria established in Section 802.01E of the
NYSE Listed Company Manual.
On April 12, 2021, the staff of the Securities and Exchange
Commission (“SEC”) issued “Staff Statement on Accounting and
Reporting Considerations for Warrants Issued by Special Purpose
Acquisition Companies (“SPACs”)” (the “Statement”), which clarified
guidance for all SPAC-related companies regarding the accounting
and reporting for their warrants. The immediacy of the effective
date of the new guidance set forth in the Statement has resulted in
a significant number of SPACs re-evaluating the accounting
treatment for their warrants with their professional advisors,
including auditors and other advisors responsible for assisting
SPACs in the preparation of financial statements. This, in turn,
has resulted in the Company’s delay in preparing and finalizing its
financial statements as of and for the quarter ended March 31, 2021
and filing its Form 10-Q with the SEC by the prescribed
deadline.
Under NYSE rules, the Company generally has six months following
receipt of the notification of non-compliance to regain compliance
with the continued listing standard, subject to any extensions by
NYSE.
The Company believes the change in SEC guidance does not affect
its strategy to acquire a target business or financial performance.
The Company is in compliance with all other NYSE continued listing
standards. The Company expects to file the Form 10-Q in the very
near term and does not foresee any risk of non-compliance with the
NYSE six-month remediation timeframe.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this press release are “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and are subject to the safe
harbor created thereby. In some cases, forward-looking statements
can be identified by terminology such as “may,” “will,” “could,”
“would,” “should,” “expect,” “plan,” “anticipate,” “intend,”
“believe,” “estimate,” “predict,” “potential,” “outlook,”
“guidance” or the negative of those terms or other comparable
terminology. These statements are based on the current beliefs and
expectations of the Company’s management and are subject to
significant risks and uncertainties. The above statements regarding
the impact of the Statement on the Company’s financial statements,
as well as the effect of the revision on any periodic SEC filings,
including the timing of filing the Form 10-Q, constitute
forward-looking statements that are based on the Company’s current
expectations. Because these forward-looking statements involve
risks and uncertainties, there are important factors that could
cause future events to differ materially from those in the
forward-looking statements, many of which are outside of the
Company’s control. These factors include, but are not limited to, a
variety of risk factors affecting the Company’s business and
prospects, see “Item 1A. Risk Factors” in the Company’s Annual
Report on Form 10-K filed with the SEC on March 31, 2021 and
subsequent reports filed with the SEC, as amended from time to
time. Any forward-looking statements are made only as of the date
hereof, and unless otherwise required by applicable securities
laws, the Company disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210528005427/en/
Media inquiries: Johann Dumas +1 (345) 814-5831
contact@avanti-acquisition.com Avanti Acquisition Corp
Avanti Acquisition (NYSE:AVAN)
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