ST. PETERSBURG, Fla.,
June 3, 2021 /PRNewswire/ --
Isleworth Healthcare Acquisition Corp. (NASDAQ: ISLE) (the
"Company") announced today announced that on May 28, 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
period 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 8-K filed on May 27, 2021 by the Company, on April 12, 2021, the Staff of the SEC issued the
"Staff Statement on Accounting and Reporting Considerations for
Warrants Issued by Special Purpose Acquisition Companies ("SPACs")"
(the "Statement"), which clarified guidance for all SPAC-related
companies regarding the accounting and reporting for their
warrants. Following review of the Statement, the Company
reevaluated the accounting treatment of its public and private
placement warrants as equity, and concluded that, based on the
Statement, its public and private placement warrants should be, and
should previously have been, classified as derivative
liabilities on the balance sheet and measured at fair value at
inception and at each reporting date, with changes in fair value
recognized in the statement of operations in the period of
change. The Company is continuing to evaluate the extent of
the Statement's impact on its financial statements, including the
financial statements as of and for the fiscal quarter ended
March 31, 2021 included in the Form
10-Q. The Company is working diligently to complete the Form 10-Q
as soon as possible.
Under Nasdaq rules, the Company has 60 calendar days from the
date of the Notice 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 22,
2021, to regain compliance.
About Isleworth Healthcare Acquisition Corp.
Isleworth Healthcare Acquisition Corp. is a blank check company
organized for the purpose of effecting a merger, share exchange,
asset acquisition, stock purchase, recapitalization,
reorganization, or other similar business combination with one or
more businesses or entities. It intends to focus on a
business combination with a company in the healthcare
industry. We anticipate targeting companies domiciled in
North America and Europe that are developing assets in the
biopharmaceutical and medical technology/medical device space which
aligns with our management team's experience in operating
healthcare companies and in drug and device/technology development.
We have operating expertise in managing large and high growth
businesses and more specifically, in the life sciences industry.
Collectively, we have built, managed, bought and sold companies or
technologies all over the world.
Al Weiss (Chairman, Director),
former President, Worldwide Operations Walt
Disney Parks and Resorts, and Bob
Whitehead (CEO, Director), a long-standing pharmaceutical
executive, in the United States
and internationally, and in large and emerging stage companies,
will lead the team. The team includes Dan
Halvorson (EVP & CFO, Director), experienced public and
private company executive in financial planning and operations in
the life science, technology and artificial intelligence
industries; Vipul Patel, MD,
(Director), a pioneer in the development and utilization of robotic
surgical technologies, and is connected to many emerging stage med
tech and device companies; Marc
Kozin, (Director), led the development of LEK's life science
strategic planning practice, and has more than 30 years of
healthcare M&A experience and serves on various bioscience
boards; Bob Dahl (Director),
formerly Managing Director of Healthcare Investments at the Carlyle
Group and was previously co-head of healthcare investment banking
at Credit Suisse; and Michelle
McKenna (Director), an experienced board member and she has
significant experience in M&A and early stage companies, and as
a C-suite executive of the NFL, she is responsible for the highly
effective Covid-19 contact tracing program across the league.
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 are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements,
including those set forth in the risk factors section of the
prospectus used in connection with the Company's initial public
offering. 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, except as required by law.
Contact:
Dan Halvorson
Executive Vice President & Chief Financial Officer and Board
Member
dan@isleworthhealthcare.com
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SOURCE Isleworth Healthcare Acquisition Corp.