CHICAGO, May 28, 2021 /PRNewswire/ -- G Squared
Ascend I Inc. (NYSE: GSQD, the "Company") announced today that on
May 25, 2021, the Company received a
notice from the New York Stock Exchange (the "NYSE") indicating
that the Company is not in compliance with Section 802.01E of the
NYSE Listed Company Manual because the Company has not timely filed
its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2021 (the "Form 10-Q") with the U.S. Securities and
Exchange Commission (the "SEC"). The Notice has no immediate effect
on the listing of the Company's stock on the NYSE, and indicated
that the Company has six months to file its Form 10-Q to regain
compliance.
As reported by the Company in its Form 12b-25 filed with the SEC
on May 18, 2021, the Company
reevaluated the accounting treatment of its warrants (the
"Warrants") following the issuance by the Staff of the SEC of the
"Staff Statement on Accounting and Reporting Considerations for
Warrants Issued by Special Purpose Acquisition Companies ("SPACs")"
(the "SEC Staff Statement"), which provides guidance for all SPACs
regarding the accounting and reporting for their warrants. The
Company concluded that, based on the SEC Staff Statement, the
Warrants should be classified as liabilities measured at fair
value, with subsequent changes in fair value recorded in the
Company's Statement of Operations each reporting period. The
Company continues to work diligently to complete the Form 10-Q as
soon as possible.
About G Squared Ascend I Inc.
G Squared Ascend I Inc. is a blank check company incorporated as
a Cayman Islands exempted company
for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses. The Company intends to
focus its search within the technology sector, and specifically
within six core verticals, or "megatrends": Software-as-a-Service,
Online Marketplaces, Mobility 2.0/Logistics, Fintech/Insurtech, New
Age Media, and Sustainability.
Forward Looking Statements
This press release contains statements that constitute
"forward-looking statements" within the meaning of the federal
securities laws. Forward-looking statements are subject to numerous
risks and 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 other filings with the
U.S. Securities and Exchange Commission and, therefore, actual
results could differ materially from those projected in the
forward-looking statements. 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:
Antonia
Korduba
ir@gsquared.com
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SOURCE G Squared Ascend I Inc.