NEW YORK, June 1, 2021 /PRNewswire/ -- Eucrates
Biomedical Acquisition Corp. (Nasdaq: EUCR) (the "Company"),
a special purpose acquisition company formed for the purpose of
effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one
or more businesses, today announced that it received a notice
("Notice") from the Listing Qualifications Department of The
Nasdaq Stock Market ("Nasdaq") stating that the Company is
not in compliance with Nasdaq Listing Rule 5250(c)(1) (the
"Rule") because the Company failed to timely file its
Quarterly Report on Form 10-Q for the period ended March 31, 2021
(the "Form 10-Q") with the Securities and Exchange
Commission ("SEC"). The Notice has no immediate effect on
the listing or trading of the Company's securities on the Nasdaq
Capital Market.
As previously disclosed in the Form 12b-25 filed on May 17, 2021 by the Company, on April 12, 2021, the Staff of the SEC issued the
"Staff Statement on Accounting and Reporting Considerations for
Warrants Issued by Special Purpose Acquisition Companies
("SPACs")" (the "Statement"), which clarified
guidance for all SPAC-related companies regarding the accounting
and reporting for their warrants. Following review of the
Statement, the Company reevaluated the accounting treatment of its
public and private placement warrants as equity, and concluded
that, based on the SEC Statement, public 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 is continuing to evaluate the extent of the SEC Statement's
impact on its financial statements, including the financial
statements as of and for the fiscal quarter ended March 31, 2021 included in the Form 10-Q. The
Company is working diligently to complete the Form 10-Q as
soon as possible.
Under Nasdaq rules, the Company has 60 calendar days from the
date of the Notice to submit a plan to regain compliance with the
Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant
an exception of up to 180 calendar days from the due date of the
Form 10-Q, or until November 22,
2021, to regain compliance.
About Eucrates Biomedical Acquisition Corp.
Eucrates Biomedical Acquisition Corp. is a special purpose
acquisition company formed 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, it intends to focus on the biomedical and
healthcare industry. The Company intends to target North American
and European healthcare companies with the potential to drive
transformational change through the convergence of biomedicine and
data science. "Eucrates" is a portmanteau, formed by combining
Euclid (the Father of Geometry) and Hippocrates (the Father of
Medicine).
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements." Statements regarding the Company's
expectations regarding the SEC Statement's impact on its financial
statements, its ability to complete and file its Form 10-Q and its
ability to regain compliance with the Rule, and related matters, as
well as all other statements other than statements of historical
fact included in this press release are forward-looking statements.
When used in this press release, words such as "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intend,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions, as they
relate to us or our management team, identify forward-looking
statements. Such forward-looking statements are based on the
beliefs of management, as well as assumptions made by, and
information currently available to, the Company's management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company's filings with the Securities and Exchange
Commission ("SEC"). All subsequent written or oral forward-looking
statements attributable to us or persons acting on our behalf are
qualified in their entirety by this paragraph. 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 the Company's initial public offering filed with the
SEC. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
* Image in headline from an early copy edition of Euclid's
Elements by the 13th Century scholar and polymath Nasir al-Din al-Tusi (D.1274).
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SOURCE Eucrates Biomedical Acquisition Corp.