Stemming from SEC Guidance Concerning Balance Sheet Treatment of Warrants, Accelerate Acquisition Corp. Announces Receipt of ...
27 May 2021 - 6:00AM
Business Wire
Accelerate Acquisition Corp. (NYSE: AAQC) (the “Company”) today
announced that it received a formal 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, the staff of the Securities and Exchange
Commission (“SEC”) issued “Staff Statement on Accounting and
Reporting Considerations for Warrants Issued by Special Purpose
Acquisition Companies (“SPACs”),” clarifying the accounting
guidance for warrants with terms that are common for SPACs (the
“Statement”). 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. Since receiving the
non-compliance notice, the Company has filed its Form 10-Q with the
SEC on May 26, 2021 and is in compliance with all other NYSE
continued listing requirements.
Cautionary Statement 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 created thereby. 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. These statements are based on the current beliefs and
expectations of the Company’s management 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 in the forward-looking statements, many of which are outside
of the Company’s control. These factors include, but are not
limited to, a variety of risk factors affecting the Company’s
business and prospects, see the section titled “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. 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/20210526006080/en/
Michael Simoff Chief Operating Officer, Chief Financial Officer
and Treasurer msimoff@xlr8ac.com
Media: Jonathan Gasthalter/Nathaniel Garnick Gasthalter &
Co. (212) 257-4170
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