PHILADELPHIA, May 28, 2021 /PRNewswire/ -- Ibere
Pharmaceuticals (NYSE: IBER) (the "Company") today announced that
it received a notice on May 25, 2021
from the New York Stock Exchange (the "NYSE") indicating that the
Company is not in compliance with Section 802.01E of the NYSE
Listed Company Manual as a result of its failure to timely file its
Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the "Quarterly Report") with the
Securities and Exchange Commission (the "SEC"). The notice has no
immediate effect on the listing of the Company's stock on the
NYSE.
As disclosed in the Company's Form 12b-25 filed with the SEC on
May 18, 2021, on April 12, 2021 the Staff of the SEC released the
"Staff Statement on Accounting and Reporting Considerations for
Warrants Issued by Special Purpose Acquisition Companies ("SPACs")"
(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. At issuance on
March 2, 2021, the outstanding
warrants ("Warrants") to purchase Class A ordinary shares of the
Company were accounted for as equity within the Company's balance
sheet. After discussion and evaluation, the Company concluded that
its Warrants should be presented as liabilities as of the IPO date
reported, at fair value, with subsequent fair value changes to be
recorded in its financial statements at each reporting period.
Given the scope of the process for evaluating the impact of the SEC
Statement on the Company's financial statements, including whether
the changes required to align the Company's financial statements
with the requirements set forth in the SEC Statement will
materially affect the Quarterly Report, the Company was unable to
complete and file the Form 10-Q by the prescribed due date without
unreasonable effort and expense.
The Company continues to work diligently to prepare and file the
Quarterly Report as soon as reasonably practicable. Under NYSE
rules, the Company generally has six months following receipt of
the notification to regain compliance with the continued listing
standard, subject to any extensions by NYSE. The Company is in
compliance with all other NYSE continued listing standards.
About Ibere Pharmaceuticals
Ibere Pharmaceuticals is a newly formed special purpose
acquisition company that completed its initial public offering in
March 2021, raising $138 million in proceeds. Led by Osagie O. Imasogie, Lisa
Gray and Zoltan Kerekes,
Ibere Pharmaceuticals was formed to acquire, manage and grow
strong, international brand portfolios that scale across markets
globally. The Firm's principals have built transformational growth
companies by leveraging deep industry relationships developed using
their PATCOL® philosophy (People Are The Currency Of Life) and by
applying their extensive knowledge of pharmaceutical
operations.
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 final
prospectus for the Company's initial public offering filed with the
SEC. Copies are available on 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.
Media Contacts
Jonathan
Keehner / Kate Thompson /
Tanner Kaufman
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE Ibere Pharmaceuticals