Stemming from SEC Guidance Concerning Balance Sheet Treatment of Warrants, Turmeric Acquisition Corp. Announces Receipt of NA...
June 04 2021 - 4:30PM
Business Wire
Turmeric Acquisition Corp. (NASDAQ: TMPM) (the “Company”) today
announced that it received a deficiency letter from the NASDAQ
Capital Market (“NASDAQ”) relating to the Company’s failure to
timely file its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2021 (the “Form 10-Q”) as required under Section 5250(c)
of the NASDAQ Rules and Regulations.
On April 12, 2021, the staff of the Securities and Exchange
Commission (“SEC”) issued “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. The immediacy of the effective
date of the new guidance set forth in the 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, in turn,
has resulted in the Company’s delay in preparing and finalizing its
financial statements as of and for the quarter ended March 31, 2021
and filing its Form 10-Q with the SEC by the prescribed
deadline.
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 believes the change in SEC guidance does not affect
its strategy to acquire a target business or financial performance.
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.
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 “Item 1A. Risk Factors” in the Company’s Annual
Report on Form 10-K filed with the SEC on March 31, 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/20210604005607/en/
Media Kellie J. Neville
Director of Investor Relations MPM Asset Management LLC
617-425-9207
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