BETHESDA, Md., June 3,
2021 /PRNewswire/ -- As previously announced on May 18, 2021, Healthcare Services Acquisition
Corporation (Nasdaq: HCAR) (the "Company") has determined to
restate its 2020 financial statements (the "Non-Reliance Periods")
in light of the U.S. Securities and Exchange Commission's (the
"SEC") recently issued "Staff Statement on Accounting and Reporting
Considerations for Warrants Issued by Special Purpose Acquisition
Companies ("SPACs")" (the "Staff Statement"). This Staff Statement
issued on April 12, 2021 informed
market participants that warrants issued by SPACs and former SPACs
may need to be reclassified as liabilities with non-cash fair value
adjustments recorded in earnings at each reporting period. The
Company had previously classified its issued warrants as equity.
The Company currently expects that the reclassification of the
warrants will have no impact on its historical liquidity, cash
flows or revenues.
The Company is working diligently with its auditors in order to
finalize and to file an amendment to its Annual Report on Form 10-K
for the year ended December 31, 2020
(the "Form 10-K/A") reflecting the reclassification of the warrants
for the Non-Reliance Periods as soon as practicable. The
adjustments to the financial statement items for the Non-Reliance
Periods will be set forth through disclosures in the financial
statements included in the Form 10-K/A.
Given the time and focus dedicated to the restatement process
and the completion and filing of the Company's Form 10-K/A, the
Company requires additional time to complete its customary
quarterly review and reporting process and the filing of its Form
10-Q for the first quarter ended March 31,
2021 (the "Form 10-Q") and was unable to file the Form 10-Q
by the May 17, 2021 deadline. As a
result, the Company received a Notification of Deficiency by the
Listing Qualifications Department at Nasdaq on May 28, 2021 indicating that it is in violation
of Nasdaq Listing Rule 5250(c)(1). The Form 10-Q will be filed as
soon as is practicable after the filing of the Form 10-K/A.
About Healthcare Services Acquisition
Corporation
Healthcare Services Acquisition Corporation is a Special Purpose
Acquisition Vehicle 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 an initial business
combination in any sector, it intends to focus its search on target
businesses in healthcare services and healthcare-related industries
in the United States.
Forward-Looking Statements
This press release 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. All 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," "estimate," "expect," "intend" 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 relating to 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
Joshua B.
Lynn
Chief Financial Officer
media@healthcarespac.com
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SOURCE Healthcare Services Acquisition Corporation