PART IIRULES 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) ☒
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(a)
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The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
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(b)
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The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR 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
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(c)
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The accountants statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
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PART IIINARRATIVE
State below in reasonable detail the reasons why Forms 10-K,
20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Cerberus Telecom 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 Quarterly Report) by the prescribed due date for the reasons
described below.
On April 12, 2021, the Staff of the U.S. Securities and Exchange Commission (the SEC)
issued the Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (SPACs) (the SEC Statement), which clarified guidance
for all SPAC-related companies regarding the accounting and reporting for their warrants. Following review of the SEC Statement, the Company reevaluated the accounting treatment of its public warrants and private placement warrants as equity, and
concluded that, based on the SEC Statement, the public warrants and private placement warrants should be, and should previously have been, classified as a liability measured at fair value,
with non-cash fair value adjustments recorded in earnings at each reporting period.
The
Company previously filed restated financial statements for the period ended December 31, 2020 and audited balance sheet and unaudited pro forma balance sheet dated October 26, 2020 in Amendment No. 1 to its Annual Report on Form 10-K/A (the Restatement) on May 13, 2021.
As a result of the considerable time
and dedication of resources required to complete the Restatement, the Company is unable to file the Quarterly Report by the prescribed due date of May 17, 2021 without unreasonable effort or expense. The Company does, however, expect to file
the Quarterly Report by May 24, 2021 (as the fifth calendar day after such prescribed due date is a Saturday).