STAMFORD, Conn., May 27, 2021 /PRNewswire/ -- Atlantic Avenue
Acquisition Corp (NYSE: ASAQ) (the "Company"), announced today
that, on May 25, 2021, it received a
notice ("Notice") from NYSE Regulation stating that the Company is
not in compliance with the Section 802.01E of the Listed Company
Manual (the "Rule") because the Company failed to timely file its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the "Form 10-Q") with the
Securities and Exchange Commission ("SEC"). The NYSE informed the
Company that the Company has six months from the 10-Q filing due
date to file the Form 10-Q. The Notice has no immediate effect on
the listing or trading of the Company's securities on the NYSE.
As previously disclosed in the Form 12b-25 filed on May 17, 2021 by the Company, on April 12, 2021, the Acting Director of the
Division of Corporation Finance and Acting Chief Accountant of the
SEC together issued a statement regarding the accounting and
reporting considerations for warrants issued by special purpose
acquisition companies entitled "Staff Statement on Accounting and
Reporting Considerations for Warrants Issued by Special Purpose
Acquisition Companies ("SPACs")" (the "SEC Statement"). As
result of the SEC Statement, the Company's management is
reevaluating the accounting treatment of (i) the redeemable
warrants that were included in the units issued by the Company in
its initial public offering and (ii) the redeemable warrants that
were issued in a private placement.
The Company is continuing to review the impacts of the SEC
Statement on the Company's unaudited financial statements for the
quarterly period ended March 31, 2021 and is working
diligently to complete the Form 10-Q as soon as reasonably
practicable with the intention of regaining compliance. If the
Company fails to file the 10-Q or any subsequent delayed filings
within six months from the filing due date, the NYSE may, in its
sole discretion, allow the Company's securities to trade for up to
an additional six months depending on the circumstances. If the
NYSE determines that an additional six-month trading period is not
appropriate, the Company's securities will be subject to suspension
and delisting from the NYSE.
Atlantic Avenue Acquisition Corp
Atlantic Avenue Acquisition Corp is a special purpose
acquisition company formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses.
Forward-Looking Statements
This press release may include "forward-looking
statements" within the meaning of the safe harbor provisions of the
United States Private Securities Litigation Reform Act of
1995. All statements other than statements of historical
fact included in this press release are forward-looking statements.
These forward-looking statements include, without limitation, the
Company's expectations regarding the timing of the filing of the
Form 10-Q. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from the expected results, including those under
"Risk Factors" in the Annual Report on Form 10-K, filed
March 25, 2021, and in subsequent
reports filed with the SEC. Most of these factors are outside the
Company's control and are difficult to predict. The Company
cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
For more information, contact:
Barry Best, CFO
info@asaqspac.com
(203) 989-9709
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SOURCE Atlantic Avenue Acquisition Corp