InterPrivate II Acquisition Corp. Receives NYSE Notice Regarding Delayed Form 10-Q Filing

Rhea-AI Summary

InterPrivate II Acquisition Corp. (NYSE: IPVA) received a notice from the NYSE for non-compliance due to its failure to file the Quarterly Report on Form 10-Q for Q1 2021 on time. This notice does not immediately affect the stock's listing. The company has until November 24, 2021, to regain compliance by filing the report. The delay is attributed to accounting considerations related to warrants issued by SPACs, as indicated by the SEC's recent guidance. The company is actively working to complete and file the report before the deadline.

Positive

• Company can regain compliance by filing the Q1 2021 Form 10-Q before November 24, 2021.
• The company is diligently working to finalize its financial statements.

Negative

• Failure to timely file the Q1 2021 Form 10-Q raises compliance concerns.
• Potential delays in completing financial statements due to accounting reevaluations.

NEW YORK, June 1, 2021 /PRNewswire/ -- InterPrivate II Acquisition Corp. (NYSE: IPVA) (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 March 31, 2021 (the "Q1 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 Q1 2021 Form 10-Q with the SEC at any time prior to November 24, 2021.

As the Company reported in its Form 12b-25 filed with the SEC on May 18, 2021, the Company is currently determining the extent to which the April 12, 2021 statement released by the Staff of the SEC (the "Statement") 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 immediacy of the effective date of the new guidance set forth in the Statement has resulted in a significant number of SPACs re-evaluating the accounting treatment for their warrants with their professional advisors, including auditors and other advisors responsible for assisting SPACs in the preparation of financial statements. This, in turn, resulted in the Company's delay in preparing and finalizing its financial statements as of and for the quarter ended March 31, 2021 and filing its Form 10-Q with the SEC by the prescribed deadline. The Company is working diligently to complete the Q1 2021 Form 10-Q and expects to file such report in advance of the deadline and thereby regain compliance with the NYSE continued listing requirements.

Cautionary Note Concerning Forward-Looking Statements

This press release contains certain forward-looking statements, including without limitation the Company's current expectations and intentions with respect to the filing of its Q1 2021 Form 10-Q. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, including the length of time that may be required for the Company to complete its procedures and file the Q1 2021 Form 10-Q, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the SEC.

Press Contact

Charlotte Luer, Marketing
cluer@interprivate.com
+1 212 634 0826

 

 

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SOURCE InterPrivate II Acquisition Corp.

FAQ

What notice did InterPrivate II Acquisition Corp. receive from the NYSE regarding tickers IPVA?

InterPrivate II Acquisition Corp. was notified of non-compliance due to delayed filing of its Q1 2021 Form 10-Q.

What does IPVA need to do to regain compliance with NYSE?

IPVA must file its Q1 2021 Form 10-Q by November 24, 2021, to regain compliance.

Why was the filing of the Q1 2021 Form 10-Q delayed for IPVA?

The delay was due to the company's reevaluation of accounting treatment for warrants based on new SEC guidance.

What are the potential repercussions for IPVA due to this NYSE notice?

While there is no immediate effect on the listing, failure to file on time could lead to further actions from the NYSE.