Health Assurance Acquisition Corp. Receives Expected Notice From Nasdaq Regarding Delayed Quarterly Report

Rhea-AI Summary

Health Assurance Acquisition Corp. (Nasdaq: HAACU) announced it received a notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the failure to timely file its Quarterly Report on Form 10-Q for Q1 2021. The notice does not impact the listing or trading of the Company’s securities. HAACU has until July 27, 2021, to file the report or submit a compliance plan. The Company is assessing the implications of recent SEC guidance on SPAC warrants on its financial statements and is working to complete the filing as soon as possible.

Positive

• None.

Negative

• Received notice of non-compliance with Nasdaq Listing Rule 5250(c)(1).
• Failed to timely file the Q1 2021 Form 10-Q with the SEC.
• Potential implications from SEC's guidance on SPAC warrants affecting financial statements.

SAN FRANCISCO, June 04, 2021 (GLOBE NEWSWIRE) -- Health Assurance Acquisition Corp. (Nasdaq: HAACU) (the “Company”) today announced that, on May 28, 2021, it received a notice (“Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”) because the Company failed to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the “Form 10-Q”) with the Securities and Exchange Commission (“SEC”). The Nasdaq notice has no immediate impact on the listing or trading of the Company’s SAIL^SM securities, Class A common stock or warrants on Nasdaq.

Nasdaq has informed the Company that, under the Nasdaq’s listing rules, the Company has 60 calendar days from the date of the initial Nasdaq notification letter, or until July 27, 2021, to file the Q1 2021 Form 10-Q with the SEC. If the Company is unable to file the Q1 2021 Form 10-Q with the SEC by July 27, 2021, the Company is permitted to submit a plan to regain compliance with the Nasdaq’s listing rules.

As previously reported by the Company in its Form 12b-25 filed with the SEC on May 12, 2021, the Company is currently determining the extent to which the April 12, 2021 statement released by the Staff of the SEC relating to the accounting and reporting considerations for warrants issued by special purpose acquisition companies (“SPACs”) will impact its financial statements as of and for the fiscal quarter ended March 31, 2021, which will be included in the Q1 2021 Form 10-Q.

The Company is working diligently to complete the Q1 2021 Form 10-Q and expects to file such report as soon as practicable.

Forward-Looking Statements

This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Company’s filings with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

For all press inquiries, please email jzimmerman@generalcatalyst.com.

FAQ

What is the recent Nasdaq notice received by HAACU?

HAACU received a notice from Nasdaq for non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Q1 2021 Form 10-Q.

What does HAACU need to do to regain compliance with Nasdaq?

HAACU has until July 27, 2021, to file the Q1 2021 Form 10-Q or submit a plan to regain compliance.

Will the Nasdaq notice impact HAACU's stock trading?

The Nasdaq notice does not have an immediate impact on the listing or trading of HAACU's securities.

What are the implications of the SEC's recent guidance on SPAC warrants for HAACU?

HAACU is currently assessing how the SEC's guidance on SPAC warrants may impact its financial statements for Q1 2021.

When does HAACU expect to file its Q1 2021 Form 10-Q?

HAACU is working diligently to complete and file the Q1 2021 Form 10-Q as soon as practicable.