DHC Acquisition Corp. Receives Expected Notification from Nasdaq Related to Delayed Quarterly Report
02 Junio 2021 - 3:01PM
Business Wire
DHC Acquisition Corp. (the “Company”) announced today it
received a notice from The Nasdaq Stock Market LLC (“Nasdaq”)
indicating that as a result of the Company’s failure to timely file
its Quarterly Report on Form 10-Q for the period ended March 31,
2021 (the “Quarterly Report”), the Company no longer complies with
the continued listing requirements set forth in Section 5250(c)(1)
of The Nasdaq Stock Market LLC Rules.
As disclosed in the Current Report on Form 8-K filed today by
the Company, on April 12, 2021 the Staff of the U.S. Securities and
Exchange Commission (the “SEC”) released the “Staff Statement on
Accounting and Reporting Considerations for Warrants Issued by
Special Purpose Acquisition Companies (“SPACs”)” (the “Staff
Statement”). The Staff Statement sets forth the conclusion of the
SEC’s Office of the Chief Accountant that certain provisions
included in the warrant agreements entered into by many SPACs, such
as the Company, require such warrants to be accounted for as
liabilities measured at fair value, rather than as equity
securities, with changes in fair value during each financial
reporting period reported in earnings. The Company has previously
classified its private placement warrants and public warrants as
equity.
Given the scope of the process for evaluating the impact of the
Staff Statement on the Company’s financial statements, the Company
was unable to complete and file its Quarterly Report on Form 10-Q
for the period ended March 31, 2021 (the “Quarterly Report”) by the
required due date of May 17, 2021. On May 17, 2021, the Company
filed a Form 12b-25 Notification of Late Filing with the SEC
related to the Quarterly Report. The Company is working diligently
to prepare and file the Quarterly Report as soon as reasonably
practicable.
The notice advises that under the Nasdaq’s rules, the Company
will have six months from the date on which the notice was received
to submit a plan of compliance or file its Quarterly Report. The
Company can regain compliance with the Nasdaq listing standards
during this six-month period by submitting a plan of compliance
that is approved or by filing its Quarterly Report with the SEC. If
the Company fails to submit a plan of compliance or file its
Quarterly Report within such six-month period, the Nasdaq may, in
its sole discretion, allow the Company’s securities to trade for up
to an additional six months depending on specific circumstances.
The Company’s securities will remain listed on the Nasdaq under the
symbols “DHCAU”, “DHCA” and “DHCAW” in the meantime, subject to the
Company’s compliance with other applicable continued listing
requirements.
About DHC Acquisition Corp.
DHC Acquisition Corp. is a special purpose acquisition company
formed for the purpose of effecting a merger, stock purchase or
similar business combination with one or more businesses. The
management team is led by Christopher Gaertner, as Co-Chief
Executive Officer and Chief Financial Officer, and Thomas Morgan,
Jr., as Co-Chief Executive Officer, each with decades of experience
building, scaling, and leading teams in their respective fields.
While the Company intends to evaluate opportunities in many
sectors, it believes the diverse experience and extensive
relationship network of its management team, board and sponsor will
drive particularly attractive investment opportunities in certain
high growth sectors including automotive, consumer,
aerospace/defense, enterprise software and E-commerce.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the
anticipated use of the net proceeds. No assurance can be given that
the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s registration
statement and prospectus for the Company’s offering filed with the
SEC. Copies are available on the SEC’s website, www.sec.gov. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210602006001/en/
Kelly Wallace dhc@trailrunnerint.com
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