Ignyte Acquisition Corp. received NASDAQ’s notification of the delay in submitting the quarterly report of Form 10-Q

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Ignyte Acquisition Corp. (NASDAQ stock code:IGNYU) (The “Company”) announced today that it received a notice from the Nasdaq regulator on May 28, 2021, stating that it had not submitted the quarterly report on Form 10-Q until March 31, 2021 (” Form 10-Q”), the company does not comply with Nasdaq Listing Rule 5250(c)(1), which requires timely submission of all required periodic financial reports to the US Securities and Exchange Commission (“SEC”).

The NASDAQ notice has no direct impact on the listing or trading of company units, Class A common stocks or warrants on the NASDAQ capital market. The notice stipulates that the company must submit a plan to re-compliance with Nasdaq Listing Rule 5250(c)(1) by July 26, 2021. If the plan is accepted by Nasdaq, then Nasdaq can grant the company a maximum of 180 calendar days. The deadline for Form 10-Q or November 22, 2021 to regain compliance.

As the company reported in its Form 12b-25 filed with the US Securities and Exchange Commission on May 17, 2021, the company is working hard to complete Form 10-Q as soon as possible; however, considering the announcement by the staff of the US Securities and Exchange Commission on April 12 “Regarding the scope of the assessment procedures for the accounting and reporting considerations of the employee statements of the warrants issued by a special purpose acquisition company (“SPAC”) on the company’s financial statements, in 2021, the company cannot submit Form 10-Q before completing this process .

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to many conditions, many of which are beyond the company’s control, including the company’s initial public offering registration statement filed with the U.S. Securities and Exchange Commission and the conditions specified in the risk factors section of the prospectus. Unless required by law, the company assumes no obligation to update these statements for revisions or changes after the date of this press release.

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