SCVX Announces Receipt of NYSE Continued Listing Standard Notice Related to Delayed Quarterly Report Stemming from Guidance C...
May 28 2021 - 4:30PM
Business Wire
On April 12, 2021, the Acting Director of the Division of
Corporation Finance and Acting Chief Accountant of the Securities
and Exchange Commission (“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 “Statement”). As a result of the Statement, SCVX
Corp., a Cayman Islands exempted company (NYSE: SCVX) (the
“Company”), reevaluated the accounting
treatment of its warrants and determined to classify the warrants
as derivative liabilities measured at fair value, with changes in
fair value each period reported in earnings. The Company is working
diligently to file an amendment to its Annual Report on Form 10-K
for the year ended December 31, 2020 (the “10-K”). Until restated financial statements for
2020 have been filed on an amended 10-K, the Company is unable to
complete and file its Quarterly Report on Form 10-Q for the quarter
ended March 31, 2021 (the “Q1 10-Q”)
in compliance with SEC and New York Stock Exchange (“NYSE”) rules.
Given the resultant delay in the Company’s ability to file its
Q1 10-Q, the Company today announced that it received a formal
notice of non-compliance from NYSE on May 25, 2021. 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.
Absent these developments, the Company was ready to meet its
filing obligation by the applicable deadline.
The Company believes it will file the 10-Q in the near term and
does not foresee any risk of non-compliance with the NYSE six-month
remediation timeframe.
About SCVX
SCVX is a special purpose acquisition company (SPAC) created to
fill what it believes is a tremendous void in the cybersecurity
market for a scalable, comprehensive, integrated platform. It was
created to acquire, partner with, and resource a cornerstone
technology company capable of integrating with other best-in-breed
security technologies.
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. These statements relate to future events or
the Company's future financial performance and involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, levels of activity, performance or achievements of
the Company or its industry to be materially different from those
expressed or implied by any forward-looking statements. In
particular, statements about the Company's expectations, beliefs,
plans, objectives, assumptions, future events or future performance
contained in this press release are forward-looking statements. 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.
Please see the Company’s documents filed or to be filed with the
Securities and Exchange Commission, including the Company’s
Registration Statement on Form S-1, annual reports filed on Form
10-K and quarterly reports on Form 10-Q, and any amendments thereto
for a discussion of certain important risk factors that relate to
forward-looking statements contained in this report. The Company
has based these forward-looking statements on its current
expectations, assumptions, estimates and projections. While the
Company believes these expectations, assumptions, estimates and
projections are reasonable, such forward-looking statements are
only predictions and involve known and unknown risks and
uncertainties, many of which are beyond the Company’s control.
These and other important factors may cause actual results,
performance or achievements to differ materially from those
expressed or implied by these forward-looking statements. 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/20210528005393/en/
Investors SCVX Corp. Chris Ahern,
chris.ahern@scvgroup.com (202) 733-4719 Media Tiger Hill
Partners James Maloney, james@tigerhillpartners.com (202)
768-6058
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