TB SA Acquisition Corp Announces Receipt of NASDAQ Continued Listing Standard Notice
June 10 2022 - 8:54AM
Business Wire
TB SA Acquisition Corp (Nasdaq: TBSA) (the “Company”) today
announced that on June 1, 2022 it received a deficiency letter from
The Nasdaq Stock Market LLC (“Nasdaq”) relating to the Company’s
failure to timely file its Quarterly Report on Form 10-Q for the
period ended March 31, 2022 (the “Form 10-Q”) as required under
Section 5250(c) of Nasdaq Rules regarding the Qualification,
Listing and Delisting of Companies (the “Nasdaq Listing
Rules”).
On May 16, 2022, the Company filed Notification of Late Filing
on Form 12b-25 (the “Form 12b-25”), indicating that the filing of
its Form 10-Q will be delayed. Although the Company has dedicated
significant resources to the completion of finalizing its financial
statements and related disclosures for inclusion in the Form 10-Q,
the Company was unable to complete and file the Form 10-Q prior to
May 21, 2022, the extension period provided by the Form 12b-25.
Additional time is needed by the Company to complete its review of
the financial statements included in the Form 10-Q in order to
ensure a complete, accurate Quarterly Report.
Under Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company
generally has until 60 calendar days from the date of the
deficiency letter to submit to Nasdaq a plan (the “Compliance
Plan”) to regain compliance with the Nasdaq Listing Rules. The
Company intends to submit the Compliance Plan as soon as
practicable.
The Company is in compliance with all other Nasdaq continued
listing standards. The Company expects to file the Form 10-Q in the
very near term and does not foresee any risk of non-compliance with
the Nasdaq 60-day remediation timeframe. The Nasdaq notice has no
immediate effect on the listing or trading of the Company’s
securities on Nasdaq.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this press release are “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and are subject to the safe
harbor created thereby. In some cases, forward-looking statements
can be identified by terminology such as “may,” “will,” “could,”
“would,” “should,” “expect,” “plan,” “anticipate,” “intend,”
“believe,” “estimate,” “predict,” “potential,” “outlook,”
“guidance” or the negative of those terms or other comparable
terminology. These statements are based on the current beliefs and
expectations of the Company’s management and are subject to
significant risks and uncertainties. The above statements regarding
the impact of the Statement on the Company’s financial statements,
as well as the effect of the revision on any periodic SEC filings,
including the timing of filing the Form 10-Q, constitute
forward-looking statements that are based on the Company’s current
expectations. Because these forward-looking statements involve
risks and uncertainties, there are important factors that could
cause future events to differ materially from those in the
forward-looking statements, many of which are outside of the
Company’s control. These factors include, but are not limited to, a
variety of risk factors affecting the Company’s business and
prospects, see the section titled “Risk Factors” in the Company’s
Prospectus filed with the SEC on March 24, 2021 and subsequent
reports filed with the SEC, as amended from time to time. Any
forward-looking statements are made only as of the date hereof, and
unless otherwise required by applicable securities laws, the
Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220610005306/en/
Media James Crawley +1 (345) 814-5771 E-mail:
James.crawley@tbsacorp.com
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