Mudrick Capital Acquisition Corporation II Receives Expected Notification From Nasdaq Related To Delayed Quarterly Report; Filed Required Report

Rhea-AI Summary

Mudrick Capital Acquisition Corporation II (Nasdaq: MUDSU) received a notification from Nasdaq on May 28, 2021, indicating non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Q1 2021 Form 10-Q, which was due by May 24, 2021. The company now has until July 26, 2021, to present a compliance plan, with a potential extension to November 22, 2021. The company has filed its Q1 2021 Form 10-Q on June 2, 2021, and expects to regain compliance with Nasdaq requirements.

Positive

• Filed Q1 2021 Form 10-Q with the SEC on June 2, 2021, indicating proactive steps towards compliance.
• Expected to regain compliance with Nasdaq listing requirements, reducing the risk of delisting.

Negative

• Received a non-compliance notice from Nasdaq regarding the delayed filing of Q1 2021 Form 10-Q.
• Potential risk of delisting if compliance is not achieved within the specified timelines.

NEW YORK, June 2, 2021 /PRNewswire/ -- Mudrick Capital Acquisition Corporation II (Nasdaq: MUDSU) (the "Company") today announced it received a notice (the "Notice") on May 28, 2021 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) because it had not timely filed its Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the "Q1 2021 Form 10-Q") with the Securities and Exchange Commission (the "SEC") on or before May 24, 2021, the extended period provided for the filing under Rule 12b-25(b) of the Securities Exchange Act of 1934, as amended. The Notice indicated that the Company has 60 calendar days, or until July 26, 2021, to submit a plan to regain compliance and that Nasdaq can grant an exception of up to 180 calendar days from the Q1 2021 Form 10-Q due date, or until November 22, 2021, to regain compliance.

Since receiving the Notice, the Company has filed its Q1 2021 Form 10-Q with the SEC on June 2, 2021 and is expected to regain compliance with the Nasdaq listing requirements.

About Mudrick Capital Acquisition Corporation II
Mudrick Capital Acquisition Corporation II is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. For more information, please visit: https://www.mudrickcapitalacquisitioncorp.com.

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SOURCE Mudrick Capital Acquisition Corporation II

FAQ

What is the reason for Mudrick Capital Acquisition Corporation II's non-compliance with Nasdaq?

Mudrick Capital Acquisition Corporation II did not timely file its Q1 2021 Form 10-Q by the May 24, 2021 deadline.

What steps is Mudrick Capital Acquisition Corporation II taking to regain Nasdaq compliance?

The company plans to submit a compliance plan by July 26, 2021, after filing its Q1 2021 Form 10-Q on June 2, 2021.

What is the deadline for Mudrick Capital Acquisition Corporation II to regain compliance with Nasdaq?

The company has until July 26, 2021, to submit a compliance plan, with a potential extension until November 22, 2021.

How does the delay in filing affect Mudrick Capital Acquisition Corporation II's stock?

The delay in filing could lead to risks of delisting from Nasdaq if compliance is not achieved.