New Vista Acquisition Corp Receives Expected Notice from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
02 Junio 2021 - 3:46PM
Business Wire
On April 12, 2021, the Acting Director of the Division of
Corporation Finance and Acting Chief Accountant of the U.S.
Securities and Exchange Commission (the “SEC”) together issued a
statement regarding the accounting and reporting considerations for
warrants issued by special purpose acquisition companies entitled
“Staff Statement on Accounting and Reporting Considerations for
Warrants Issued by Special Purpose Acquisition Companies (‘SPACs’)”
(the “SEC Staff Statement”). As previously disclosed in the New
Vista Acquisition Corp (the “Company”) (Nasdaq: NVSA) Notification
of Late Filing on Form 12b-25, filed with the SEC on May 18, 2021,
given the scope of the process for determining the appropriate
accounting treatment of its outstanding warrants in accordance with
the SEC Staff Statement and Accounting Standards Codification
(“ASC”) 815-40, Derivatives and Hedging: Contracts in an Entity’s
Own Equity, the Company was unable to complete and file its
Quarterly Report on Form 10-Q for the fiscal quarter ended March
31, 2021 (the “Form 10-Q”) by the required due date without
unreasonable effort and expense.
On May 26, 2021, the Company received a notice (the “Notice”)
from the Listing Qualifications Department of The Nasdaq Stock
Market LLC (“Nasdaq”) indicating that, as a result of not having
timely filed the Form 10-Q with the SEC, the Company is not in
compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing
Rule”). The Listing Rule requires listed companies to timely file
all required periodic reports with the SEC.
The Notice indicated that the Company can regain compliance with
Nasdaq’s listing standards at any time prior to July 26, 2021 by
filing the Form 10-Q. If the Company fails to file the Form 10-Q by
such date, the Company may submit a plan to regain compliance with
the Listing Rule prior to such date and, following receipt of such
plan, Nasdaq may grant, at its sole discretion, an extension of 180
calendar days from the Form 10-Q due date, or until November 15,
2021, for the Company to regain compliance.
While the Company can provide no assurances as to timing, the
Company plans to file the Form 10-Q as soon as practicably possible
to regain compliance with the Listing Rule.
Forward-Looking Statements
This press release 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. All 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,”
“estimate,” “expect,” “intend” 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 us or
persons acting on our 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 relating to 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210602006045/en/
Investor Contact: Kirsten Bartok Touw Co-President and
Chief Operating Officer New Vista Acquisition Corp 125 South Wacker
Drive, Suite 300 Chicago, IL 60606
Media Contact: press@newvistacap.com
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