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On December 20, 2022, stockholders of Class Acceleration Corp. approved amendments to extend the deadline for a business combination from January 20, 2023, to June 20, 2023. Following the meeting, the Board decided to liquidate the Company before December 31, 2022, and has informed the NYSE about the redemption of 100% of its Class A common stock. Trading will cease on December 29, 2022, with expected cash redemption for shareholders. Holders of Redeemable Warrants will not receive any redemption rights. The final redemption amount will be disclosed in a forthcoming SEC filing.
Class Acceleration Corp. (NYSE: CLAS, CLAS.U, CLAS.W) filed a Proxy Statement with the SEC on December 6, 2022, requesting shareholders to extend the deadline for business combination from January 20, 2023 to June 20, 2023. The Board of Directors emphasized the importance of this extension, citing immediate opportunities for a successful business combination as the reason. Shareholders of record as of November 21, 2022 are encouraged to vote before the meeting on December 20, 2022. Michael Moe, CEO, stressed the need for additional time due to market volatility.
Class Acceleration Corp. (NYSE: CLAS, CLAS.U, CLAS.W) has received a notice from the NYSE for failing to timely file its Q3 2021 Form 10-Q. This non-compliance is related to an error identified in previous financial statements regarding the valuation of its Class A common stock. Although this notice has no immediate impact on the stock's listing, the Company has until May 22, 2022, to regain compliance by filing the report. Management is working diligently to finalize the Q3 2021 Form 10-Q and anticipates filing it shortly after the due date.
Class Acceleration Corp. (NYSE: CLAS, CLAS.U, CLAS.W) announced it is not in compliance with NYSE rules due to the failure to timely file its Q1 2021 Form 10-Q. The NYSE has provided a grace period until November 24, 2021, for the Company to regain compliance by filing the overdue report. The delay is attributed to the recent SEC guidance impacting the accounting for warrants issued by SPACs, which has prompted a reassessment of financial statements. The Company is actively working on completing and filing its Q1 2021 report before the deadline.
