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Zanite acquisition company (Nasdaq:ZTE) (“Company”) announced today that it has received a notice from the Qualifications Department of the Nasdaq Stock Market Co., Ltd. (“NASDAQ”) stating that the company does not comply with NASDAQ Listing Rule 5250(c) (1) As a result of the failure to timely submit the quarterly report on Form 10-Q for the quarter ended March 31, 2021 (“Form 10-Q for the first quarter of 2021”) to the US Securities and Exchange Commission (“SEC”) in 2021 On May 24, the time limit was extended in accordance with Article 12b-25(b) of the Securities Exchange Act of 1934, as amended. The notice has no direct impact on the listing or trading of company units, common stocks or warrants on the Nasdaq.
NASDAQ has notified the company that, in accordance with the NASDAQ’s listing rules, the company has 60 calendar days from the date of the first NASDAQ notification letter or until July 27, 2021, to submit the 2021 first to the SEC. Form 10-Q in the first quarter to regain compliance with Nasdaq’s continuing listing requirements. If the company is unable to file the Form 10-Q for the first quarter of 2021 with the Securities and Exchange Commission before July 27, 2021, the company can file a plan to re-compliance with the Nasdaq listing rules on or before that date.
As reported by the company in its Form 12b-25 filed with the US Securities and Exchange Commission on May 18, 2021, the company is currently determining the accounting and reporting considerations issued by the staff of the US Securities and Exchange Commission on April 12, 2021. To the extent of the statement, the warrants issued by the special purpose acquisition company (“SPAC”) will affect its financial statements for the fiscal quarter ending March 31, 2021, which will be included in the 10-Q form for the first quarter of 2021 in.
The company is working hard to complete Form 10-Q for the first quarter of 2021 and hopes to submit the report as soon as possible.
Note on forward-looking statements
This press release contains certain forward-looking statements, including but not limited to the company’s current expectations and intentions regarding the submission of Form 10-Q for the first quarter of 2021. These forward-looking statements are incorporated in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and may involve known and unknown risks, uncertainties and other factors that may lead to the actual results and performance of the company in the future. Any future results or performance suggested by the forward-looking statements in this press release are materially different. Although the company believes that such forward-looking statements are based on reasonable assumptions, there is no guarantee that actual results will not differ materially from these expectations, including the length of time required for the company to complete its procedures and submit reports. Form 10-Q for the first quarter of 2021 , The company assumes no responsibility for updating any forward-looking statements made by the company. These risks, uncertainties and other factors are discussed from time to time in the company’s filings with the US Securities and Exchange Commission.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20210528005506/en/
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