E.Merge Technology Acquisition Corp. Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on For...
June 04 2021 - 3:30PM
E.Merge Technology Acquisition Corp. (NASDAQ: ETAC) (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.
Under Nasdaq rules, the Company has 60 calendar days from
receipt of the Notice (May 28, 2021), or until July 27, 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-Q (May 24, 2021), or
until November 22, 2021, to regain compliance. However, there can
be no assurance that Nasdaq will accept the Company's plan to
regain compliance or that the Company will be able to regain
compliance within any extension period granted by Nasdaq. If Nasdaq
does not accept the Company’s plan, then the Company will have the
opportunity to appeal that decision to a Nasdaq hearings panel.
As noted above, the Company is working diligently to complete
its Form 10-Q. The Company 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.
About E.Merge Technology Acquisition Corp.
E.Merge Technology Acquisition Corp. is a blank check company
organized for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, recapitalization,
reorganization, or other similar business combination with one or
more businesses or entities. While the Company may pursue an
initial business combination target in any business or industry, it
intends to focus on businesses primarily operating in the software
and internet technology industries.
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 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:
Jeff ClarkeGuy GechtE.Merge Technology Acquisition Corp.(619)
736-6855
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