Class Acceleration Corp. Receives NYSE Notice Regarding Delayed Form 10-Q Filing
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.
- The NYSE notice does not impact the immediate listing status of CLAS, CLAS-UN, and CLAS-W.
- The Company has until May 22, 2022, to rectify the filing issue.
- Failure to timely file the Q3 2021 Form 10-Q raises concerns about financial management.
- Identified error in previous financial statements may affect investor confidence.
WOODSIDE, Calif., Nov. 29, 2021 (GLOBE NEWSWIRE) -- Class Acceleration Corp. (NYSE: CLAS, CLAS.U, CLAS.W) (the “Company”) today announced that it received a notice from the New York Stock Exchange (the "NYSE") indicating that the Company is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (the "Q3 2021 Form 10-Q") with the Securities and Exchange Commission (the "SEC"). The notice has no immediate effect on the listing of the Company's stock on the NYSE.
The NYSE informed the Company that, under the NYSE's rules, the Company can regain compliance with the NYSE's continued listing requirements by filing the Q3 2021 Form 10-Q with the SEC at any time prior to May 22, 2022.
In connection with the preparation of the Company’s financial statements as of September 30, 2021, management, in consultation with its advisors, identified an error made in certain of its previously issued financial statements, arising from the manner in which, as of the closing of the Company’s initial public offering, the Company valued its Class A common stock subject to possible redemption. The Company, in consultation with its advisors, is continuing to finalize its Q3 2021 Form 10-Q financial statements to reflect the foregoing. The Company is working diligently to complete its Q3 2021 Form 10-Q as soon as possible, and expects to file such report on or before the fifth calendar day following the prescribed due date (or, if such date is not an EDGAR filing date, then the first EDGAR filing date thereafter).
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. 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 registration statement and preliminary prospectus for the offering 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.
Contacts:
Caroline Moe Hoch
Class Acceleration Corp.
650-380-9550
cmoehoch@gsv.com
Andrew M. Berger
SM Berger & Company
216-464-6400
andrew@smberger.com
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