Blue Water Acquisition Corp. Receives Expected Notice from Nasdaq Regarding Delayed Annual Report
April 22 2021 - 3:30PM
Blue Water Acquisition Corp. (NASDAQ: BLUWU) (the “Company”)
announced today that it received a notice (“Notice”) from the
Listing Qualifications Department of The Nasdaq Stock Market
(“Nasdaq”) stating that the Company is not in compliance with
Nasdaq Listing Rule 5250(c)(1) (the “Rule”) because the Company
failed to timely file its Annual Report on Form 10-K for the year
ended December 31, 2020 (the “Form 10-K”) with the Securities and
Exchange Commission (“SEC”). The Notice has no immediate effect on
the listing or trading of the Company’s securities on the Nasdaq
Capital Market.
As previously disclosed in the Current Report on Form 8-K filed
on April 15, 2021 by the Company, on April 12, 2021, the staff (the
“Staff”) of the Division of Corporation Finance of the SEC issued a
statement entitled “Staff Statement on Accounting and Reporting
Considerations for Warrants Issued by Special Purpose Acquisition
Companies” (the “Staff Statement”). The Staff Statement, among
other things, highlighted the potential accounting implications of
certain terms that are common in warrants issued in connection with
the initial public offerings of special purpose acquisition
companies (“SPAC”) such as the Company. The Company is continuing
to evaluate its financial statements for the year ended December
31, 2020 to be included in the Form 10-K to determine whether its
public and private warrants may be required to be accounted for as
liabilities, rather than equity, in the Form 10-K. The Company is
working diligently to finalize the financial statements and to file
the Form 10-K as soon as practicable.
Under Nasdaq rules, the Company has 60 calendar days from the
date of the Notice, or until June 15, 2021, to submit a plan to
regain compliance with the Rule. If Nasdaq accepts the Company's
plan, then Nasdaq may grant an exception of up to 180 calendar days
from the due date of the Form 10-K, or until October 12, 2021, to
regain compliance.
About Blue Water Acquisition Corp.
Blue Water Acquisition Corp. is a blank check company formed for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. While the Company may
pursue targets in any industry, it intends to focus its search in
the healthcare industry.
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
possible business combinations and the financing thereof, 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 Securities and Exchange
Commission (“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 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: Russo Partners David Schull (858) 717-2310
david.schull@russopartnersllc.com Ignacio Guerrero-Ros, Ph.D. (646)
942-5604 Ignacio.Guerrero-Ros@russopartnersllc.com
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