LOS ANGELES, June 4, 2021 /PRNewswire/ -- Marlin
Technology Corporation (NASDAQ: FINM) (the "Company") today
announced that it received a deficiency letter from the NASDAQ
Capital Market ("NASDAQ") 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 Section 5250(c) of the NASDAQ Rules and
Regulations.
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 NASDAQ Listing Rule 5810(c)(2)(F)(i), the Company
generally has until 60 calendar days from the date of the
deficiency letter to submit to NASDAQ a plan (the "Compliance
Plan") to regain compliance with the NASDAQ Listing Rules. The
Company intends to submit the Compliance Plan as soon as
practicable.
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 NASDAQ 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 NASDAQ 60-day 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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SOURCE Marlin Technology Corporation
