NEW YORK, June 1, 2021 /PRNewswire/ -- Pontem Corporation
(NYSE: PNTM.U) (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") as required under the timely filing
criteria established in Section 802.01E of the NYSE Listed Company
Manual.
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")" (the
"Statement"), which clarified guidance for all SPAC-related
companies regarding the accounting and reporting for their
warrants. 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, has 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 expects to file the
Form 10-Q with the SEC as soon as reasonably practicable.
About Pontem Corporation
The Company is a newly organized blank check company
incorporated in the Cayman Islands
for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses. The Company has not yet
selected any specific business combination target.
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 constitute forward-looking
statements that are based on the Company's current expectations.
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 1, 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.
For more information, please contact:
Pontem Corporation
www.pontemcorp.com
Tim Burt
tim.burt@teneo.com
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SOURCE Pontem Corporation