Atlantic Coastal Acquisition Corp. Receives Notification of Deficiency from Nasdaq Related to Delayed Annual Report on Form 10-K

Rhea-AI Summary

Atlantic Coastal Acquisition Corp. (NASDAQ: ACAH) announced on April 21, 2022, that it received a notification from Nasdaq regarding non-compliance with listing requirements due to the late filing of its Annual Report on Form 10-K for the year ended December 31, 2021. The Notification, dated April 19, 2022, provides ACAH with 60 days to submit a compliance plan unless the 10-K is filed by June 20, 2022. ACAH filed the 10-K on April 20, 2022, which alleviates the immediate compliance issue.

Positive

• ACAH filed its 10-K on April 20, 2022, thus addressing Nasdaq's compliance issue.

Negative

• ACAH received a notification due to late filing of the 10-K, indicating potential regulatory concerns.

NEW YORK, April 21, 2022 /PRNewswire/ -- Atlantic Coastal Acquisition Corp. (NASDAQ: ACAH) (the "Company"), a special purpose acquisition corporation focused on the future of mobility, announced that it had previously received written notification (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") on April 19, 2022 that, because the Company had not yet filed its Annual Report on Form 10-K for the year ended December 31, 2021 (the "10-K") with the Securities and Exchange Commission ("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 sixty days from the date of the Notice, or until June 20, 2022, to submit a plan to regain compliance but that no plan would be needed if the Company submitted its 10-K before the plan's due date. On April 20, 2022, the Company filed the 10-K and notified Nasdaq of the filing.

About Atlantic Coastal Acquisition Corp.

Atlantic Coastal Acquisition Corp. (NASDAQ: ACAH) is a $345 million special purpose acquisition company focused on the future of mobility. On March 8, 2021, 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, and CSO Director Tony Eisenberg. For more information, please visit www.atlanticcoastalacquisition.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

 

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SOURCE Atlantic Coastal Acquisition

FAQ

What was the notification received by Atlantic Coastal Acquisition Corp (ACAH) from Nasdaq?

ACAH received a notification from Nasdaq on April 19, 2022, regarding non-compliance due to a delayed filing of its Annual Report on Form 10-K.

What does the 10-K filing mean for ACAH's Nasdaq listing?

The timely filing of the 10-K on April 20, 2022, resolves the compliance issue and prevents any immediate impact on ACAH's Nasdaq listing.

What is the deadline for ACAH to submit a compliance plan to Nasdaq?

ACAH has until June 20, 2022, to submit a compliance plan if the 10-K was not filed, but since it has been filed, no plan is required.

What is the significance of the 10-K filing for Atlantic Coastal Acquisition Corp?

Filing the 10-K restores ACAH's compliance with Nasdaq requirements, crucial for maintaining its public company status.