NorthView Acquisition Corporation Announces Receipt of Notice from Nasdaq Regarding Filing of Annual Report on Form 10-Q

Rhea-AI Summary

NorthView Acquisition (Nasdaq: NVAC) announced it received a notice from Nasdaq due to not filing its Form 10-Q for the period ending March 31, 2024, making the company non-compliant with Nasdaq Listing Rule 5250(c)(1). This notice does not immediately affect the company's Nasdaq listing. NorthView has 60 days to submit a compliance plan to Nasdaq, which could grant up to 180 days to regain compliance. If the plan is not accepted, the company can appeal to a Nasdaq Hearings Panel. NorthView is working to file the Form 10-Q within 60 days to avoid submitting a compliance plan.

Positive

• Immediate effect: The notice does not immediately affect the company's listing on Nasdaq.
• Compliance period: The company has 60 days to submit a compliance plan and potentially 180 days to regain compliance.
• Proactive steps: NorthView is actively working to file the Form 10-Q within the 60-day period.

Negative

• Non-compliance: NorthView is currently non-compliant with Nasdaq Listing Rule 5250(c)(1).
• Potential delisting: Failure to regain compliance could lead to delisting of the company's securities from Nasdaq.
• Regulatory risk: The company must manage the risk and regulatory scrutiny associated with delayed financial filings.

New York, NY, June 07, 2024 (GLOBE NEWSWIRE) --  NorthView Acquisition Corporation. (Nasdaq: NVAC) (the “Company”) announced that it has received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company has not yet filed its Form 10-Q for the period ended March 31, 2024, the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).

This notification has no immediate effect on the listing of the Company’s shares on Nasdaq. However, if the Company fails to timely regain compliance with the Nasdaq Listing Rule, the Company’s securities will be subject to delisting from Nasdaq.

Under Nasdaq rules, the Company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-Q to regain compliance. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.

The Company is working diligently and expects to file its Form 10-Q within the 60-day period described above, which would eliminate the need for the Company to submit a formal plan to regain compliance.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About NorthView Acquisition Corporation

NorthView Acquisition Corporation is a blank check company incorporated in the State of Delaware for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and final prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contacts:

Fred Knechtel
Fredknechtel@hotmail.com
631 987-8921 

FAQ

Why did NorthView Acquisition receive a notice from Nasdaq?

NorthView Acquisition received a notice from Nasdaq because it has not filed its Form 10-Q for the period ending March 31, 2024, making it non-compliant with Nasdaq Listing Rule 5250(c)(1).

What is Nasdaq Listing Rule 5250(c)(1)?

Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the SEC.

Does the notice from Nasdaq immediately affect NorthView's listing?

No, the notice does not immediately affect NorthView Acquisition 's listing on Nasdaq.

How long does NorthView have to regain compliance with Nasdaq rules?

NorthView has 60 calendar days to submit a compliance plan to Nasdaq and potentially up to 180 days to regain compliance.

What happens if NorthView's compliance plan is not accepted by Nasdaq?

If NorthView's compliance plan is not accepted by Nasdaq, the company can appeal the decision to a Nasdaq Hearings Panel.