MedTech Acquisition Corporation Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-...
02 Junio 2021 - 3:05PM
MedTech Acquisition Corporation (Nasdaq: MTACU) (the “Company”)
today announced that it has received a notice (“Notice”) from the
Listing Qualifications Department of The Nasdaq Stock Market
(“Nasdaq”) as a result of its failure to file its Quarterly Report
on Form 10-Q for the quarter ended March 31, 2021 (the “Form 10-Q”)
in a timely fashion. The Notice advised the Company that it was not
in compliance with Nasdaq’s continued listing requirements under
the timely filing criteria established in Nasdaq Listing Rule
5250(c)(1).
As reported by the Company in its Form 12b-25
filed with the Securities and Exchange Commission (the “SEC”) on
May 17, 2021, the Company was unable to file its Form 10-Q within
the prescribed time period without unreasonable effort or expense.
The extension period provided under Rule 12b-25 expired on May 24,
2021. The Company was unable to meet the filing deadline for its
Form 10-Q due to the Company’s conclusion that its outstanding
warrants should be accounted for as a liability and the scope and
process for updating the Company’s financial statements
accordingly.
Nasdaq has informed the Company that, under
Nasdaq rules, the Company will have 60 calendar days, or until July
26, 2021, to submit a plan to regain compliance with Nasdaq’s
Listing Rule. If Nasdaq accepts such plan, Nasdaq can grant an
exception of up to 180 calendar days from the Form 10-Q’s filing
due date, or November 22, 2021 (an “Additional Period”), to regain
compliance. If Nasdaq determines that an Additional Period is not
appropriate, or if the Company fails to file its Form 10-Q within
the Additional Period, suspension and delisting procedures will
generally commence.
The Company is working diligently to complete
its Form 10-Q and intends to file the Form 10-Q as soon as
practicable to regain compliance with the Nasdaq Listing Rules.
No assurance can be given that the Company will
be able to regain compliance with the aforementioned listing
requirement or maintain compliance with the other continued listing
requirements set forth in the Nasdaq Listing Rules. If the
Company's units, warrants and common stock are ultimately suspended
from trading on, or delisted from, Nasdaq for any reason, it could
have adverse consequences including, among others: lower demand and
market price for the Company's securities; adverse publicity; and a
reduced ability to consummate a business combination.
About MedTech Acquisition
Corporation
MedTech Acquisition Corporation is a blank check
company organized for the purpose of effecting a merger, stock
exchange, asset acquisition, stock purchase, recapitalization,
reorganization, or other similar business combination with one or
more businesses or entities. It intends to focus on businesses
primarily operating in the healthcare sector in the United
States.
Forward-Looking Statements
This press release may include, and oral
statements made from time to time by representatives of the Company
may include, “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Statements
regarding the Company’s plan and ability to regain compliance with
Nasdaq Listing Rules, possible business combinations and related
matters, as well as all other statements other than statements of
historical fact included in this press release are forward-looking
statements. When used in this press release, words such as
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would” and similar expressions, as
they relate to us or our management team, identify forward-looking
statements. Such forward-looking statements are based on the
beliefs of management, as well as assumptions made by, and
information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to the
Company or persons acting on the Company’s behalf are qualified in
their entirety by this paragraph. 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 initial public offering filed with the
SEC. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
Contact:
Christopher C. DeweyMedTech Acquisition Corporation(908)
391-1288
MedTech Acquisition (NASDAQ:MTACW)
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