An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Astrea Acquisition Corp. (NASDAQ: ASAX) announced it received a notification from NASDAQ regarding non-compliance with Listing Rule 5250(c)(1) due to a delayed Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. The company has until October 24, 2022, to submit a plan for regaining compliance. NASDAQ may grant a 180-day extension until February 20, 2023. Astrea is actively working on the report and filed a plan if unable to meet the deadline. No immediate effect on its securities listing; however, future compliance is uncertain.
Positive
Company is actively working to complete the Form 10-Q.
Potential extension from NASDAQ if compliance plan is approved.
Negative
Non-compliance with NASDAQ listing requirements could lead to eventual delisting.
Uncertainty regarding filing the Form 10-Q 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 August 30, 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Form 10-Q”). NASDAQ informed the Company that it has until October 24, 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-Q (or until February 20, 2023) to regain compliance.
The Company is working diligently to complete the Form 10-Q. If the Company is unable to file the Form 10-Q by October 24, 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-Q by October 24, 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.
