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Astrea Acquisition Corp. (NASDAQ: ASAX) announced it received a notice from NASDAQ regarding non-compliance with Listing Rule 5250(c)(1) due to the absence of its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The company has until June 21, 2022, to regain compliance and may receive an extension of up to 180 days if its plan is approved. The company is actively working to complete the Form 10-K but has no guarantee of compliance or meeting NASDAQ's listing criteria.
Positive
The company is taking proactive measures to complete the overdue Form 10-K.
Potential for an extension of up to 180 days to regain compliance.
Negative
Failure to comply with NASDAQ listing requirements poses risks to company stability.
Uncertainty exists regarding the company's ability to file the Form 10-K by the deadline.
NEW YORK--(BUSINESS WIRE)--
Astrea Acquisition Corp. (NASDAQ: ASAX) (“Astrea” or the “Company”),a blank check company formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities, announced that on April 22, 2022, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“NASDAQ”) advising the Company that the Company did not comply with NASDAQ’s Listing Rule 5250(c)(1) for continued listing because NASDAQ had not received the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Form 10-K”). NASDAQ informed the Company that it has until June 21, 2022 to submit a plan to regain compliance with respect to this delinquent report. If NASDAQ approves the Company’s plan, it has the discretion to grant the Company an extension of up to 180 calendar days from the due date of the Form 10-K (or until October 12, 2022) to regain compliance.
The Company is working diligently to complete the Form 10-K. If the Company is unable to file the Form 10-K by June 21, 2022, it intends to file a plan to regain compliance with NASDAQ. This notification has no immediate effect on the listing of the Company’s securities on NASDAQ. There can be no assurance, however, that the Company will be able to file Form 10-K by June 21, 2022, regain compliance with the listing requirements discussed above or otherwise satisfy the other NASDAQ listing criteria.
About Astrea Acquisition Corp.
Astrea Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. The Company is targeting technology-enhanced high-growth companies that have clear differentiated business models suited for disruption in their sectors.
Forward Looking Statements
This press release includes certain “forward-looking” statements, as that term is defined under the federal securities laws. Forward-looking statements include, among others, statements about the Company’s plans to restate its consolidated financial statements and amend prior SEC filings, the timing of such restatement, and the restatement’s effect on the Company’s prior consolidated financial statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,” “opportunity,” and similar words or phrases or the negatives of these words or phrases. These forward-looking statements are based on the Company’s current assumptions, expectations, and beliefs and are subject to substantial risks, estimates, assumptions, uncertainties, and changes in circumstances that may cause actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement. Please refer to the risk factors contained in the Company’s SEC filings for additional information. Because the risks, estimates, assumptions and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and, except as required by law, the Company assumes no obligation and does not intend to update any forward-looking statement to reflect events or circumstances after the date hereof.
