Accelerate Acquisition: Stemming from SEC guidelines regarding the treatment of warrants on the balance sheet, Accelerate Acquisition Corp. Announces Receipt of NYSE Standard Continued Listing Notice (Form 8-K)
Derived from SEC guidelines regarding the treatment of warrants on the balance sheet,
Accelerate Acquisition Corp. Announces Receipt of NYSE Standard Continuation Notice
SHORT HILLS, New Jersey – May 26, 2021 – Accelerate Acquisition Corp. (NYSE: AAQC) (the “ Company ”) today announced that it has received a notice of non-compliance on May 25, 2021 from the New York Stock Exchange (the “ NYSE ”) relating to the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the “Form 10-Q”).
On April 12, 2021, staff at the Securities and Exchange Commission (“ SEC ”) issued a “ Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“ “ PSPC ”), “ clarifying the accounting guidelines for warrants with terms common to PSPC (the “Statement”). The immediacy of the effective date of the new guidance set out in the Declaration has led a significant number of PSPCs to re-evaluate the accounting treatment of their warrants with their professional advisers, including auditors and other advisers responsible for assist PSPCs in preparing financial statements. This in turn resulted in the company being delayed in preparing and finalizing its financial statements for and for the quarter ended March 31, 2021 and filing its Form 10-Q with the SEC on time. Since receiving the notice of non-compliance, the company has filed its Form 10-Q with the SEC on May 26, 2021 and is in compliance with all other NYSE continuous listing requirements.
Caution Regarding 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 so created. In some cases, forward-looking statements may be identified by terminology such as “may,” “will”, “could”, “would,” should, “expect”, “plan”, “anticipate”, “have the future”. ‘intention’, ‘believe’, ‘estimate’, ‘predict’, ‘potential’, ‘outlook’, ‘advice’ or the negative of these terms or other comparable terminology. These statements are based on the current beliefs and expectations of the management of the company and are subject to significant risks and uncertainties. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause future events to differ materially from those contained in the forward-looking statements, many of which are beyond the control of the Company. These factors include, but are not limited to, a variety of risk factors affecting the business and outlook of the Company, see the section entitled “ Risk Factors ” in the Company’s prospectus filed with the SEC on March 18, 2021 and subsequent reports filed with the SEC. , as amended from time to time. All forward-looking statements are made only as of the date hereof, and except as otherwise provided by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether at new information, future events. or otherwise.
For more information please contact:
Chief Operating Officer, Chief Financial Officer and Treasurer
Jonathan Gasthalter / Nathaniel Garnick
Gasthalter & Co.
Accelerate Acquisition Corp. published this content on May 26, 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unchanged, on 26 May 2021 08:20:16 PM UTC.