Gores Holdings VI, Inc. Receives Expected Notice From Nasdaq Regarding Delayed Quarterly Report
May 27 2021 - 4:30PM
Business Wire
Gores Holdings VI, Inc. (Nasdaq:GHVI) (the “Company”), announced
today that, on May 21, 2021, 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 Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021 (the “Form 10-Q”) 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 Form 12b-25 filed on May 18, 2021
by the Company, on April 12, 2021, the Acting Director of the
Division of Corporation Finance and Acting Chief Accountant of 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” (the “SEC Statement”). As result of the SEC
Statement, the Company’s management reevaluated the accounting
treatment of (i) the redeemable warrants that were included in the
units issued by the Company in its initial public offering and (ii)
the redeemable warrants that were issued in a private placement
(collectively, the “Warrants”), and concluded that the Warrants
should be reclassified as derivative liabilities.
Under Nasdaq rules, the Company has 60 calendar days from the
date of the Notice, or until July 20, 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 or until November 15, 2021, to
regain compliance. The Company is continuing to review the impacts
of the SEC Statement on the Company’s unaudited financial
statements for the quarterly period ended March 31, 2021 and is
working diligently to complete the Form 10-Q as soon as reasonably
practicable with the intention of regaining compliance.
About Gores Holdings VI, Inc.
The Company was 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. The Company's strategy is to identify, acquire and,
after the initial business combination, to build a company in an
industry or sector that complements the experience of its
management team and can benefit from their operational
expertise.
Forward-Looking Statements
This press release may include “forward-looking statements”
within the meaning of the safe harbor provisions of the United
States Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact included in
this press release are forward-looking statements. Words such as
“expect,” “estimate,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “continue,” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, the Company’s expectations regarding the timing of the
filing of the Form 10-Q. These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from the expected results, including
those under “Risk Factors” in the Annual Report on Form 10-K, filed
March 12, 2021, as amended on Form 10-K/A filed on May 19, 2021,
and in subsequent reports filed with the SEC. Most of these factors
are outside the Company’s control and are difficult to predict. The
Company cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
The Company does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20210527005867/en/
Jennifer Kwon Chou Managing Director, The Gores Group (310)
209-3010 jchou@gores.com
Gores Holdings VI (NASDAQ:GHVI)
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