NEW YORK, June 1, 2021 /PRNewswire/ -- Broadstone
Acquisition Corp. (NYSE: BSN) (the "Company") received written
notification from The New York Stock Exchange ("NYSE") on
May 25, 2021 that, because the
Company has 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 does not comply with the continued listing requirements
under Section 802.01E of the Listed Company Manual, which requires
NYSE-listed companies to timely file all periodic reports with the
SEC. The NYSE informed the Company that the Company has six months
from the 10-Q filing due date to file the Form 10-Q. The Notice has
no immediate effect on the listing or trading of the Company's
securities on the NYSE.
As previously disclosed in the Company's Current Report on Form
8-K filed on May 20, 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 September 15, 2020
should be classified as liabilities.
About Broadstone Acquisition Corp.
Broadstone Acquisition Corp. is a blank check company
incorporated for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses. While the Company
may pursue an initial business combination target in any business
or industry, the Company intends to focus its search on
fundamentally sound but stressed businesses in the UK and
Europe.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the 10-Q.
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.
Iain Dey
+44 7976 295906
Broadstone@Edelman.com
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SOURCE Broadstone Acquisition Corp.