Seven Oaks Acquisition Corp. Receives Anticipated Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q
June 04 2021 - 4:30PM
Seven Oaks Acquisition Corp. (NASDAQ: SVOK) (the “Company”)
received written notification from the Listing Qualifications
Department of The Nasdaq Stock Market (“Nasdaq”) on May 28, 2021
that, because the Company had not yet filed its Quarterly Report on
Form 10-Q for the quarter ended March 31, 2021 (the “10-Q”) with
the Securities and Exchange Commission (“SEC”), the Company was not
in compliance with Nasdaq’s continued listing requirements under
Nasdaq Listing Rule 5250(c)(1). The Notice stated that the Company
has sixty days from the date of the Notice, or until July 26, 2021,
to submit a plan to regain compliance but that no plan would be
needed if the Company submitted its 10-Q before the plan’s due
date. On June 3, 2021, the Company filed the 10-Q and notified
Nasdaq of the filing.
As previously disclosed in the Company’s Current
Report on Form 8-K filed on May 21, 2021 regarding non-reliance on
the previously filed financial statements included in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2020, on
April 12, 2021, the staff of the SEC issued a statement
pertaining to Special Purpose Acquisition Companies (“SPACs”)
entitled “Staff Statement on Accounting and Reporting
Considerations for Warrants Issued by Special Purpose Acquisition
Companies” (the “SEC Statement”). In the SEC Statement, the SEC
staff expressed its view that certain terms and conditions common
to SPAC warrants may require the warrants to be classified as
liabilities on the SPAC’s balance sheet as opposed to equity. As a
result of the SEC Statement, the Company concluded that its public
warrants and the private placement warrants issued in connection
with the Company’s initial public offering on December 22, 2020
should be classified as liabilities. On June 3, 2021, the Company
filed an amendment to its Annual Report on Form 10-K and its 10-Q,
each giving effect to the warrant liability treatment.
About Seven Oaks Acquisition
Corp.
Seven Oaks Acquisition Corp. is a special
purpose acquisition company formed for the purpose of entering into
a business combination with one or more businesses. While the
Company may pursue a business combination in any industry, the
Company intends to focus its search on companies with strong
Environmental, Social and Governance practices or the ability to
materially improve such practices.
Forward-Looking Statements
This press release contains statements that
constitute “forward-looking statements.” 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 its initial public offering filed with the SEC.
Copies are available on the SEC’s website, www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Drew Pearson (drew@sevenoaksacquisiton.com)
Seven Oaks Acquisition (NASDAQ:SVOK)
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