MACUU Mallard Acquisition Corporation

Item 7.01.        Regulation FD Disclosure.

On April 12, 2021, the staff (the “Staff”) of the Division of Corporation Finance of the Securities and Exchange Commission 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, highlights 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 (“SPAC”) such as Mallard Acquisition Corp. (the “Company”). The Staff Statement reflects the Staff’s view that in many cases, warrants issued by SPACs should be characterized as liabilities for accounting purposes, rather than as equity securities, unless certain conditions are met.

The Company has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2020 (the “Form 10-K”), and had expected to file the Form 10-K on or prior to April 15, 2021, the extended deadline for the Form 10-K.  However, the Company is evaluating the applicability and impact of the Staff Statement on its financial statements to be included in the Form 10-K and believes, on a preliminary basis, that both its public and private warrants may be required to be accounted for as liabilities in the Form 10-K. Because the Company needs additional time to review these matters in detail and to discuss these matters with Marcum LLP, its independent registered public accounting firm, the Company will be unable to file the Form 10-K on a timely basis, but is working diligently to file the Form 10-K as soon as practicable.