EDTECHX HOLDINGS ACQUISTION CORP. II RECEIVES NASDAQ NOTIFICATION OF NON-COMPLIANCE WITH LISTING RULES
EdtechX Holdings Acquisition Corp. II (NASDAQ: EDTX) announced it received a notification from the NASDAQ Listing Qualifications Department on March 8, 2023, regarding non-compliance with Listing Rule 5250(c)(1). The company failed to submit its Quarterly Report on Form 10-Q for the fiscal quarter ending December 31, 2022. EdtechX has until May 8, 2023, to submit a compliance plan, which could allow for an extension until August 14, 2023. The company is actively working to complete the Form 10-Q but faces risks of potential delisting if compliance is not achieved. This notification does not currently affect the listing status of its securities.
- The company is actively working to complete its Form 10-Q.
- Potential extension allows time to regain compliance with listing requirements.
- Failure to submit the Form 10-Q raises compliance and delisting risks.
- No assurance that the company will regain compliance with NASDAQ listing requirements.
LONDON, England, March 10, 2023 (GLOBE NEWSWIRE) -- EdtechX Holdings Acquisition Corp. II (NASDAQ: EDTX) ("EdtechX" or the "Company"), a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, announced that on March 8, 2023, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market ("NASDAQ") advising the Company that the Company does not comply with NASDAQ’s Listing Rule 5250(c)(1) for continued listing because NASDAQ has not received the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2022 (the “Form 10-Q”). NASDAQ has informed the Company that it has until May 8, 2023 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 August 14, 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 May 8, 2023, 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 regain compliance with the listing requirements discussed above or otherwise satisfy the other NASDAQ listing criteria.
About EdTechX Holdings Acquisition Corp. II
EdtechX Holdings Acquisition Corp. II is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. As previously disclosed, on May 16, 2022, EdtechX entered into an Agreement and Plan of Reorganization (“Merger Agreement”) by and among EdtechX, EXHAC Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary EdtechX, EXHAC Merger Sub II, LLC, a Delaware limited liability company and a wholly owned subsidiary of EdtechX, and zSpace Inc., a Delaware corporation. The transaction is subject to the satisfaction of customary closing conditions.
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, including, among others, the timing and nature of the final resolution of the accounting issues necessary to complete the Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2022; any further delay in the filing of required periodic reports with the SEC; and additional uncertainties related to accounting issues generally. In addition, please refer to the risk factors contained in the Company’s SEC filings. 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.
Investor Relations:
Benjamin Vedrenne-Cloquet
Chief Executive Officer
EdtechX Holdings Acquisition Corp. II
22 Soho Square
London, W1D 4NS, United Kingdom
(44) 207 070 7080
FAQ
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