NEW YORK, June 1, 2021 /PRNewswire/ -- InterPrivate IV
InfraTech Partners Inc. (Nasdaq: IPVI) (the "Company") today
announced that it received a notice from the Listing Qualifications
Department of the Nasdaq Stock Market LLC ("Nasdaq") indicating
that the Company is not in compliance with Nasdaq Listing Rule
5250(c)(1) as a result of its failure to timely file its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2021 (the "Q1
2021 Form 10-Q") with the Securities and Exchange Commission (the
"SEC") on or before May 24, 2021, the extended period provided for
the filing under Rule 12b-25(b) of the Securities Exchange Act of
1934, as amended. The notice has no immediate effect on the listing
or trading of the Company's units, common stock or warrants on
Nasdaq.
Nasdaq has informed the Company that, under Nasdaq's listing
rules, the Company has 60 calendar days from the date of the
initial Nasdaq notification letter, or until July 26, 2021, to file the Q1 2021 Form 10-Q with
the SEC to regain compliance with Nasdaq's continued listing
requirements. If the Company is unable to file the Q1 2021 Form
10-Q with the SEC by July 26, 2021,
the Company is permitted to submit a plan to regain compliance with
Nasdaq's listing rules on or prior to that date.
As the Company reported in its Form 12b-25 filed with the SEC on
May 18, 2021, the Company is
currently determining the extent to which the April 12, 2021 statement released by the Staff of
the SEC (the "Statement") relating to the accounting and reporting
considerations for warrants issued by special purpose acquisition
companies ("SPACs") will impact its financial statements as of and
for the fiscal quarter ended March 31,
2021, which will be included in the Q1 2021 Form 10-Q.
The immediacy of the effective date of the new guidance set
forth in the Statement has resulted in a significant number of
SPACs re-evaluating the accounting treatment for their warrants
with their professional advisors, including auditors and other
advisors responsible for assisting SPACs in the preparation of
financial statements. This, in turn, resulted in the Company's
delay in preparing and finalizing its financial statements as of
and for the quarter ended March 31,
2021 and filing its Form 10-Q with the SEC by the prescribed
deadline. The Company is working diligently to complete the Q1 2021
Form 10-Q and expects to file such report in advance of the
sixty-day deadline and thereby regain compliance with the Nasdaq
continued listing requirements.
Cautionary Note Concerning Forward-Looking
Statements
This press release contains certain forward-looking statements,
including without limitation the Company's current expectations and
intentions with respect to the filing of its Q1 2021 Form 10-Q.
These forward-looking statements, which are included in accordance
with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, may involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results and performance in future periods to be materially
different from any future results or performance suggested by the
forward-looking statements in this press release. Although the
Company believes such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that actual
results will not differ materially from these expectations,
including the length of time that may be required for the Company
to complete its procedures and file the Q1 2021 Form 10-Q, and the
Company disclaims any duty to update any forward-looking statements
made by the Company. From time to time, these risks, uncertainties
and other factors are discussed in the Company's filings with the
SEC.
Press Contact
Charlotte Luer, Marketing
cluer@interprivate.com
+1 212 634 0826
View original
content:http://www.prnewswire.com/news-releases/interprivate-iv-infratech-partners-inc-receives-nasdaq-notice-regarding-delayed-form-10-q-filing-301303252.html
SOURCE InterPrivate IV InfraTech Partners Inc.