890 5th Avenue Partners, Inc. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report o...
May 28 2021 - 5:24PM
Business Wire
890 5th Avenue Partners, Inc. (Nasdaq: ENFA, ENFAU, ENFAW) (the
“Company”) received today, May 28, 2021, a standard notice from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
(“Nasdaq”) indicating that, as a result of not having timely filed
its Quarterly Report on Form 10-Q for the quarter ended March 31,
2021 (the “Form 10-Q”), the Company is not in compliance with
Nasdaq Listing Rule 5250(c)(1) (the “Rule”), which Rule requires
timely filing of all required periodic financial reports with the
Securities and Exchange Commission (“SEC”).
The Nasdaq notice has no immediate effect on the listing or
trading of the Company’s securities on the Nasdaq Capital Market.
Under Nasdaq’s Listing Rules, the Company has 60 calendar days from
the date of the notice to submit a plan to regain compliance. If
the Company files the Form 10-Q prior to the date on which the plan
is due to Nasdaq, the Company believes that it will regain
compliance with the Rule and will not need to submit a plan to
Nasdaq. If the Company submits a plan to Nasdaq and the plan is
accepted by Nasdaq, then Nasdaq can grant the Company up to 180
calendar days from the due date of the Form 10-Q to regain
compliance.
On April 12, 2021, the staff (the “Staff”) of the Division of
Corporation Finance of the SEC issued a statement entitled “Staff
Statement on Accounting and Reporting Considerations for Warrants
Issued by Special Purpose Acquisition Companies” (the “Staff
Statement”). The Staff Statement, among other things, highlighted
the potential accounting implications of certain terms that are
common in warrants issued in connection with the initial public
offerings of special purpose acquisition companies such as the
Company. As a result of the Staff Statement, the Company requires
additional time to evaluate and review with Marcum LLP, its
independent registered accounting firm, the Company’s balance sheet
as of January 14, 2021, the closing date of its initial public
offering, and its financial statements for the three-month period
ended March 31, 2021, and as such the Company was unable to file
the Form 10-Q on a timely basis.
The Company is working diligently to file its Form 10-Q as soon
as practicable and within the timeline prescribed by Nasdaq.
About 890 5th Avenue Partners, Inc.
890 5th Avenue Partners, Inc. a Delaware corporation, is a blank
check company formed for the purpose of effecting a merger, share
exchange, asset acquisition, stock purchase, recapitalization,
reorganization or similar business combination with one or more
businesses. The Company’s management team is led by Emiliano
Calemzuk, Chief Executive Officer, Michael Del Nin, Chief Operating
Officer and Chief Financial Officer, and Adam Rothstein, Executive
Chairman.
Forward-Looking Statements
Some of the statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, those including such words as anticipates, continues,
expects, intends, similar verbs, or nouns corresponding to such
verbs, which may be forward looking. Forward-looking statements
also include other passages that are relevant to expected future
events, performances, and actions or that can only be fully
evaluated by events that will occur in the future. Forward-looking
statements in this press release include, without limitation, the
Company’s statements regarding its ability to file its Form 10-Q
within the timeline prescribed by Nasdaq. There are many factors,
risks and uncertainties that could cause actual results to differ
materially from those predicted or projected in forward-looking
statements including, but not limited to, the findings of the
ongoing internal investigation by the Audit Committee of the
Company’s Board of Directors, related actions by the SEC,
accountants and other third parties, finalization of the Company’s
financial statements and controls review, and factors, risks, and
uncertainties detailed from time to time in the Company’s SEC
filings.
SOURCE 890 5th Avenue Partners, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20210528005499/en/
890 Fifth Avenue Partners, Inc Chris Buffone 575 914 6575
chris@890fifthavenue.com
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