Tribe Capital Growth Corp I Receives Expected Notice from Nasdaq Related to Delayed Quarterly Report
June 04 2021 - 10:53PM
Business Wire
Tribe Capital Growth Corp I (NASDAQ: ATVC) (the “Company”)
announced today that, on May 28, 2021, it received a notice
(“Notice”) from the Listing Qualifications Department of The Nasdaq
Stock Market LLC (“Nasdaq”) stating that the Company is not in
compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”) because
the Company has not yet filed 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 Nasdaq notification
letter has no immediate effect on the listing or trading of the
Company’s common stock on the Nasdaq Capital Market.
As previously disclosed in the Form 12b-25 filed on May 17, 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 entitled "Staff Statement on
Accounting and Reporting Considerations for Warrants Issued by
Special Purpose Acquisition Companies ("SPACs")" (the "SEC
Statement"). The SEC Statement provides guidance that certain
provisions included in the warrant agreements entered into by many
SPACs and former SPACs, such as the Company, require such warrants
to be accounted for as liabilities measured at fair value with
changes in fair value during each financial reporting period
reported in earnings, rather than as equity securities.
The Company has been working diligently to complete and file the
Form 10-Q as soon as possible to regain compliance with the Rule;
however, the new guidance set forth in the SEC Statement has
resulted in a significant number of SPACs re-evaluating the
accounting treatment for their warrants with their professional
advisors, including auditors and other advisors responsible for
assisting SPACs in the preparation of financial statements. This
backlog has resulted in the Company's delay in preparing and
finalizing its financial statements for the quarter ended March 31,
2021 and filing its Form 10-Q with the SEC by the prescribed
deadline.
Under Nasdaq rules, the Company has 60 calendar days from the
date of the Notice, or until July 27, 2021, to submit a plan to
regain compliance with the Rule. If Nasdaq accepts the Company's
plan, then Nasdaq may grant an extension of up to 180 calendar days
from the due date of the Form 10-Q or until November 22, 2021, to
regain compliance. If the Company fails to regain compliance with
Nasdaq’s listing rules within the allowed timeframe, the Company’s
securities will be subject to delisting by Nasdaq. If the Company
files the Form 10-Q within the allowed timeframe, it would regain
compliance with the Rule.
Cautionary Note Concerning 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 on
March 8, 2021 and in the Risk Factors section of other documents
the Company files with the SEC from time to time. Copies of all
documents the Company files with the SEC are available for free on
the SEC’s website, www.sec.gov. The Company undertakes no
obligation to update forward looking statements included in this
release for revisions or changes after the date of this release,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210604005673/en/
Media and Investors FTI Consulting Colleen Hsia / Katie
Killip ATVC@fticonsulting.com
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