Ventoux CCM Acquisition Corp. Receives Expected Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly...
June 04 2021 - 4:00PM
Ventoux CCM Acquisition Corp. (the “Company”) received a standard
notice on May 28, 2021 from the Listing Qualifications Staff of The
Nasdaq Stock Market LLC (“Nasdaq”), which stated that the Company
was not in compliance with Nasdaq Listing Rule 5250(c)(1) because
it had not filed its Quarterly Report on Form 10-Q for the quarter
ended March 31, 2021 with the Securities and Exchange Commission
(“SEC”). Nasdaq Listing Rule 5250(c)(1) requires listed companies
to timely file all required periodic financial reports with the
SEC.
On April 12, 2021, the staff of the SEC issued a
public statement entitled “Staff Statement on Accounting and
Reporting Considerations for Warrants Issued by Special Purpose
Acquisition Companies (“SPACs”)” (the “Statement”), which provided
guidance for all SPAC-related companies regarding the accounting
and reporting for their warrants. The new guidance set forth in the
Statement has resulted in a significant number of SPACs
re-evaluating the accounting treatment for their warrants with
their professional advisors, including auditors and other advisors
responsible for assisting SPACs in the preparation of financial
statements. This, in turn, resulted in the Company’s delay in
preparing and finalizing its financial statements as of and for the
quarter ended March 31, 2021 and filing its Quarterly Report on
Form 10-Q with the SEC by the prescribed deadline.
Under Nasdaq rules, the Company has 60 calendar
days from the date of the notice to file its Quarterly Report on
Form 10-Q for the quarter ended March 31, 2021. If the Company is
unable to file the Quarterly Report by that date, the Company is
permitted to submit a plan of compliance on or prior to that date.
If Nasdaq accepts the Company’s plan, then Nasdaq may grant the
Company up to 180 days from the due date for the Quarterly Report
to regain compliance.
The Company is actively working with its
auditors and advisors, and intends to file its Quarterly Report as
soon as possible to regain compliance.
The notice has no immediate impact on the
listing or trading of the Company’s securities on Nasdaq.
About Ventoux CCM
Acquisition Corp. Ventoux CCM Acquisition Corp. is
a blank check company formed for the purpose of entering into a
merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business
combination with one or more businesses or entities. While Ventoux
CCM Acquisition Corp. may pursue an initial business combination in
any region or sector, it intends to focus our efforts on businesses
in North America within the hospitality, leisure, travel and dining
sectors with an emphasis on consumer branded businesses that have
attractive growth characteristics. In addition, Ventoux CCM
Acquisition Corp. intends to pursue technology companies operating
in these sectors, such as business and consumer services and
infrastructure.
Forward Looking Statements
This press release includes forward-looking
statements that involve risks and uncertainties. Forward looking
statements are statements that are not historical facts. Such
forward-looking statements, including the successful consummation
of the Company’s initial public offering, are subject to risks and
uncertainties, which could cause actual results to differ from the
forward-looking statements. The Company expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based.
Contact:
Ed Scheetz Chairman and CEO, Ventoux CCM Acquisition
Corp.Info@VentouxCCM.com
Ventoux CCM Acquisition (NASDAQ:VTAQW)
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