Atlantic Coastal Acquisition Corp. II Receives Notification of Deficiency from Nasdaq Related to Delayed Quarterly Report on Form 10-Q

Rhea-AI Summary

Atlantic Coastal Acquisition Corp. II (NASDAQ: ACAB) received a notification from Nasdaq on June 3, 2024, indicating non-compliance with listing requirements due to a delayed filing of its Quarterly Report on Form 10-Q for the period ending March 31, 2024. This notification does not immediately affect the listing of the company's securities. The company has 60 days to present a compliance plan to Nasdaq and is working to finalize the financial statements to file the 10-Q in the upcoming weeks.

Positive

• The Notice does not immediately affect the listing of the company's securities on Nasdaq.
• The company is actively working to finalize its financial statements and expects to file the 10-Q soon.

Negative

• The company is non-compliant with Nasdaq's continued listing requirements under Nasdaq Listing Rule 5250(c)(1).
• The delay in filing the 10-Q could indicate potential financial or operational difficulties.
• Failure to provide a compliance plan within 60 days could lead to further regulatory actions.

NEW YORK, June 13, 2024 /PRNewswire/ -- Atlantic Coastal Acquisition Corp. II (NASDAQ: ACAB) (the "Company"), a special purpose acquisition company, announced that it had previously received written notification (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") on June 3, 2024 that, because the Company had not yet filed its Quarterly Report on Form 10-Q for the three month period ended March 31, 2024 (the "10-Q") with the Securities and Exchange Commission (the "SEC"), the Company was not in compliance with Nasdaq's continued listing requirements under Nasdaq Listing Rule 5250(c)(1). The Notice has no immediate effect on the listing of the Company's securities on Nasdaq. The Notice states that the Company has 60 calendar days from the date of the Notice to provide Nasdaq with a specific plan to achieve and sustain compliance. The Company is working diligently to finalize its financial statements to be included in the 10-Q and expects to file the 10-Q in the coming weeks.

About Atlantic Coastal Acquisition Corp. II

Atlantic Coastal Acquisition Corp. II (NASDAQ: ACAB) is a special purpose acquisition company. On January 13, 2022, Atlantic Coastal announced the closing of its IPO and listing on Nasdaq. The Atlantic Coastal team is led by Chairman and CEO Shahraab Ahmad, President and Director Burt Jordan, CSO and Director Tony Eisenberg, and CFO and Director Jason Chryssicas. For more information, please visit www.atlantic-coastal.com.

Forward-Looking Statements

This press release may contain statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's 10-K filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact: hello@atlanticcoastal.io

View original content:https://www.prnewswire.com/news-releases/atlantic-coastal-acquisition-corp-ii-receives-notification-of-deficiency-from-nasdaq-related-to-delayed-quarterly-report-on-form-10-q-302172321.html

SOURCE Atlantic Coastal Acquisition Corp. II

FAQ

What did Atlantic Coastal Acquisition Corp. II announce on June 13, 2024?

The company announced it received a notification of deficiency from Nasdaq due to a delayed filing of its Quarterly Report on Form 10-Q.

Why did Nasdaq issue a notification of deficiency to Atlantic Coastal Acquisition Corp. II?

Nasdaq issued the notification because the company had not yet filed its Quarterly Report on Form 10-Q for the period ending March 31, 2024, in violation of Nasdaq Listing Rule 5250(c)(1).

What are the consequences of the deficiency notification for Atlantic Coastal Acquisition Corp. II (ACAB)?

The notification does not immediately affect the listing of the company's securities, but the company has 60 days to present a compliance plan to Nasdaq.

What is Atlantic Coastal Acquisition Corp. II doing to address the deficiency notification?

The company is diligently working to finalize its financial statements and expects to file the 10-Q in the coming weeks.

How long does Atlantic Coastal Acquisition Corp. II have to comply with Nasdaq's requirements?

The company has 60 calendar days from the date of the notice to provide Nasdaq with a specific plan to achieve and sustain compliance.