UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
|
|
SEC File Number
001-39660
|
|
|
NOTIFICATION OF LATE FILING
|
CUSIP Number
G9460C100
|
(Check One): ☐ Form 10-K ☐ Form 20-F ☐ Form 11-K
☒ Form 10-Q ☐ Form 10-D ☐ Form N-CEN ☐ Form N-CSR
For
Period Ended: March 31, 2021
|
☐
|
Transition Report on Form 10-K
|
|
☐
|
Transition Report on Form 20-F
|
|
☐
|
Transition Report on Form 11-K
|
|
☐
|
Transition Report on Form 10-Q
|
|
☐
|
Transition Report on N-SAR
|
For
the Transition Period Ended:
Nothing
in this form shall be construed to imply that the Commission has verified any information contained herein.
If
the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
Part
I – Registrant Information
Full
Name of Registrant:
Waldencast
Acquisition Corp.
Former
Name if Applicable:
Not
applicable.
Address
of Principal Executive Office
(Street
and Number):
10
Bank Street, Suite 560
City,
State and Zip Code:
White
Plains, NY 10606
Part
II – Rules 12b-25(b) and (c)
If
the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b),
the following should be completed. (Check box if appropriate) ☐
(a)
The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
(b)
The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR,
or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly
report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before
the fifth calendar day following the prescribed due date; and
(c)
The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
Part
III – Narrative
State
below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not
be filed within the prescribed time period.
Waldencast
Acquisition Corp. (the “Company”) has determined that it is unable, without unreasonable effort or expense, to file its Quarterly
Report on Form 10-Q for the fiscal quarter ended March 31, 2021 (the “Form 10-Q”) by the prescribed due date for the reasons
described below.
On
April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the U.S. Securities and Exchange
Commission (the “SEC”) together issued a statement regarding the accounting and reporting considerations for warrants issued
by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued
by Special Purpose Acquisition Companies (‘SPACs’)” (the “SEC Staff Statement”).
The
Company is currently evaluating the guidance included in the SEC Staff Statement with respect to the Company’s accounting
treatment of (i) its 11,500,000 redeemable warrants (the “Public Warrants”) that were included in the units issued by
the Company in its initial public offering (the “IPO”) and (ii) the 5,933,333 warrants (together with the Public
Warrants, the “Warrants”) that were issued via private placement, and is determining what effects such guidance will
have on the Company's financial statements. In particular, the Company’s management is reevaluating the accounting treatment
of the Warrants in accordance with Accounting Standards Codification (“ASC”) 815-40, Derivatives and Hedging: Contracts
in an Entities Own Equity. ASC 815-40 states entities must consider whether to classify contracts that may be settled in its own
stock, such as warrants, as equity of the entity or as an asset or liability. The Company previously accounted for the Warrants as
components of equity. The Company is concurrently evaluating the materiality of any potential, required adjustments related to this
matter and other related accounting matters in accordance with Staff Accounting Bulletin 99.
The
Company is working diligently to complete the Form 10-Q as soon as possible; however, given the scope of the process for determining
the appropriate treatment of the Warrants in accordance with the SEC Staff Statement and ASC 815-40, the Company is unable to complete
and file the Form 10-Q by the required due date of May 17, 2021 without unreasonable effort and expense. The Company plans to file the
Form 10-Q as soon as practicably possible.
This
report may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, including relating to the filing of the 10-Q, other
than statements of historical fact included in this report are forward-looking statements. When used in this report, words such as “anticipate,”
“believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to
the Company or its management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of
management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could
differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s
filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its
behalf are qualified in their entirety by this paragraph. 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 prospectus relating
to the IPO filed with the SEC. Copies of such filings 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.
Part
IV – Other Information
(1)
Name and telephone number of person to contact in regard to this notification
Michel Brousset
|
(917)
|
546-6828
|
(Name)
|
(Area Code)
|
(Telephone Number)
|
(2)
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such
report(s) been filed? If the answer is no, identify report(s).
☒
Yes ☐ No
(3)
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the subject report or portion thereof?
☐
Yes ☒ No
If
so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why
a reasonable estimate of the results cannot be made.
On
April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the SEC
together issued the SEC Staff Statement regarding the accounting and reporting considerations for warrants issued by special purpose
acquisition companies.
The
Company is currently evaluating the guidance included the SEC Staff Statement with respect to the Company’s accounting treatment
of the Warrants and is determining what effects such guidance will have on the Company's financial statements. In particular, the Company’s
management is reevaluating the accounting treatment of the Warrants in accordance with Accounting Standards Codification (“ASC”)
815-40, Derivatives and Hedging: Contracts in an Entities Own Equity. ASC 815-40 states entities must consider whether to classify contracts
that may be settled in its own stock, such as warrants, as equity of the entity or as an asset or liability. The Company previously accounted
for the Warrants as components of equity. The Company is concurrently evaluating the materiality of any potential, required adjustments
related to this matter and other related accounting matters in accordance with Staff Accounting Bulletin 99.
While
the Company has not generated any operating revenues to date and will not generate any operating revenues until after completion of its
initial business combination, at the earliest, if the Company determines to account for the Warrants as liabilities, the change in fair
value of the Warrants will be a non-cash charge and will be reflected in the Company’s statement of operations. Because the Company
has not yet reached a definitive conclusion about the accounting treatment for the Warrants, it is unable to provide an estimate of the
anticipated change, if any, at this time.
In
addition, there is not a corresponding period in the last fiscal year because the Company was formed on December 8, 2020.
SIGNATURE
Waldencast
Acquisition Corp. has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
|
Waldencast
Acquisition Corp.
|
|
|
|
By:
|
/s/ Michel Brousset
|
|
|
Michel Brousset
Chief Executive Officer
|
Date:
May 17, 2021
Waldencast (NASDAQ:WALD)
Historical Stock Chart
From Feb 2024 to Mar 2024
Waldencast (NASDAQ:WALD)
Historical Stock Chart
From Mar 2023 to Mar 2024