Newbury Street Acquisition Corporation Announces Receipt of Nasdaq Letter

Rhea-AI Summary

Newbury Street Acquisition (NASDAQ: NBST) received a letter from Nasdaq indicating non-compliance with timely filing of financial reports. The delay is due to finalizing financial statements for the year ended December 31, 2023, with plans to file the Form 10-K soon.

Positive

• None.

Negative

• The delay in filing the Form 10-K due to finalizing financial statements may raise concerns among investors about the company's financial health and transparency, potentially affecting the stock price negatively.

Insights

Financial Analyst

The notice from Nasdaq to Newbury Street Acquisition Corporation about non-compliance with filing requirements poses a potential red flag to investors. Delays in filing Form 10-K could indicate underlying issues with financial reporting, controls, or operations that may not yet be fully disclosed. Investors should monitor subsequent filings closely to assess the company's financial health and management's ability to resolve these issues in a timely manner. Historically, such delays can impact investor confidence, potentially leading to stock price volatility. The company's expectation to file 'in the near future' provides some reassurance, but until the actual filing and its contents are reviewed, the uncertainty remains a concern.

Compliance Expert

From a compliance standpoint, adherence to Nasdaq's Listing Rule 5250(c)(1) is important for maintaining a company's listing status. The delay in filing the annual report could lead to further regulatory scrutiny. If the Form 10-K uncovers any significant issues, it could result in penalties, or in a worst-case scenario, delisting. Newbury Street Acquisition Corporation must prioritize transparency and swift action to meet Nasdaq's requirements and regain compliance to mitigate long-term repercussions on its market reputation and investor trust.

Boston, MA, May 03, 2024 (GLOBE NEWSWIRE) -- Newbury Street Acquisition Corporation (NASDAQ: NBST, the "Company") announced today that it received a letter dated April 24, 2024, from the Listing Qualifications Department The Nasdaq Stock Market LLC, indicating that the Company was not in compliance with Nasdaq listing rule 5250(c)(1), which requires the timely filing of all required periodic financial reports with the Securities and Exchange Commission. The required filing in question is the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K").

The delay in filing the Form 10-K is related to the Company requiring additional time to finalize the financial statements for the fiscal year ended December 31, 2023, as referenced in the recent filing of Form 12b-25. The Company expects to file the Form 10-K in the near future.

ABOUT NEWBURY STREET ACQUISITION CORPORATION

Newbury Street Acquisition Corporation (NASDAQ: NBST) (“NBST”) is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. NBST is sponsored by Newbury Street Acquisition Sponsor LLC. NBST is led by Thomas Bushey, Chief Executive Officer and Kenneth King, Chief Financial Officer. NBST’s directors include Jennifer Vescio (Chief Business Development Officer at Uber), Matthew Hong (Former COO of Turner Sports), and Teddy Zee (Former EVP of Columbia Pictures). Additionally, NBST’s advisors include Ted Seides (Capital Allocators), Katie Soo (Former HBO Max and WB) and Maurice Koo (Rockpool Capital).

Forward-Looking Statements

Statements made in this release that are not statements of historical or current facts are "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. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

Contact:

Thomas Bushey, CEO
Tom.bushey@newburystreetspac.com

FAQ

Why did Newbury Street Acquisition receive a letter from Nasdaq?

Newbury Street Acquisition received a letter from Nasdaq due to non-compliance with the timely filing of financial reports.

What is the Nasdaq listing rule 5250(c)(1)?

Nasdaq listing rule 5250(c)(1) requires the timely filing of all required periodic financial reports with the Securities and Exchange Commission.

What filing is the Company delayed in submitting?

The Company is delayed in submitting the Annual Report on Form 10-K for the year ended December 31, 2023.

Why is there a delay in filing the Form 10-K?

The delay in filing the Form 10-K is due to the Company requiring additional time to finalize the financial statements for the fiscal year ended December 31, 2023.

When does the Company expect to file the Form 10-K?

The Company expects to file the Form 10-K in the near future.