Perception Capital Corp. III received written notice from Nasdaq related to delayed filing of quarterly report on Form 10-Q
Perception Capital Corp. III (Nasdaq: PFTA) received a written notice from Nasdaq on August 26, 2024, indicating non-compliance with Nasdaq Listing Rule 5250(c)(1) due to a delayed filing of its Q2 2024 10-Q report. This delay could potentially serve as an additional basis for delisting the company's securities. PFTA had previously filed a Form 12b-25 on August 15, disclosing the inability to file the 10-Q within the prescribed time frame. The company was given until September 3 to request a stay of suspension, pending a Hearing Panel's decision. However, PFTA filed the Form 10-Q on August 28, 2024, effectively resolving the deficiency outlined in the notice.
Perception Capital Corp. III (Nasdaq: PFTA) ha ricevuto una comunicazione scritta da Nasdaq il 26 agosto 2024, che indica la non conformità con la Nasdaq Listing Rule 5250(c)(1) a causa di un ritardo nella presentazione del suo report 10-Q per il secondo trimestre del 2024. Questo ritardo potrebbe costituire un ulteriore motivo per la sospensione delle azioni della società. PFTA aveva precedentemente presentato un modulo 12b-25 il 15 agosto, dichiarando l'impossibilità di presentare il 10-Q entro il termine stabilito. Alla società è stata data tempo fino al 3 settembre per richiedere un sospensione, in attesa della decisione di un panel di udienza. Tuttavia, PFTA ha presentato il modulo 10-Q il 28 agosto 2024, risolvendo effettivamente la carenza indicata nella comunicazione.
Perception Capital Corp. III (Nasdaq: PFTA) recibió una notificación escrita de Nasdaq el 26 de agosto de 2024, indicando el incumplimiento de la Regla de Cotización 5250(c)(1) de Nasdaq debido a una presentación tardía de su informe 10-Q del segundo trimestre de 2024. Este retraso podría servir como una base adicional para la posible exclusión de los valores de la empresa. PFTA había presentado anteriormente un Formulario 12b-25 el 15 de agosto, donde revelaba la incapacidad de presentar el 10-Q dentro del plazo establecido. A la empresa se le otorgó hasta el 3 de septiembre para solicitar una suspensión, a la espera de la decisión de un panel de audiencia. Sin embargo, PFTA presentó el Formulario 10-Q el 28 de agosto de 2024, resolviendo efectivamente la deficiencia señalada en la notificación.
Perception Capital Corp. III (Nasdaq: PFTA)는 2024년 8월 26일 Nasdaq로부터 서면 통지를 받았으며, 이는 2024년 2분기 10-Q 보고서의 제출이 지연되어 Nasdaq 상장 규칙 5250(c)(1)을 준수하지 않았음을 나타냅니다. 이 지연은 회사의 증권 상장 폐지에 대한 추가적인 근거가 될 수 있습니다. PFTA는 8월 15일에 12b-25 양식을 제출하여 정해진 기한 내에 10-Q를 제출할 수 없다는 내용을 공개했습니다. 회사는 청문회 패널의 결정을 기다리면서 9월 3일까지 정지 요청을 할 수 있었습니다. 그러나 PFTA는 2024년 8월 28일에 10-Q 양식을 제출하여 통지에서 언급한 결함을 사실상 해결했습니다.
Perception Capital Corp. III (Nasdaq: PFTA) a reçu une notification écrite de Nasdaq le 26 août 2024, indiquant un non-respect de la règle de cotation 5250(c)(1) de Nasdaq en raison d'un retard dans le dépôt de son rapport 10-Q du deuxième trimestre 2024. Ce retard pourrait potentiellement constituer un motif supplémentaire pour la radiation des titres de la société. PFTA avait précédemment déposé un formulaire 12b-25 le 15 août, révélant son incapacité à soumettre le 10-Q dans le délai imparti. La société avait jusqu'au 3 septembre pour demander un sursis, en attendant la décision d'un panel d'audition. Cependant, PFTA a déposé le formulaire 10-Q le 28 août 2024, mettant ainsi efficacement un terme à la carence soulignée dans la notification.
Perception Capital Corp. III (Nasdaq: PFTA) erhielt am 26. August 2024 eine schriftliche Mitteilung von Nasdaq, die auf eine Nichteinhaltung der Nasdaq Listing Rule 5250(c)(1) aufgrund einer verspäteten Einreichung ihres 10-Q-Berichts für das zweite Quartal 2024 hinweist. Diese Verzögerung könnte eine zusätzliche Grundlage für die Delistung der Wertpapiere des Unternehmens darstellen. PFTA hatte zuvor am 15. August ein Formular 12b-25 eingereicht, in dem die Unfähigkeit zur fristgerechten Einreichung des 10-Q dokumentiert wurde. Dem Unternehmen wurde bis zum 3. September Zeit gegeben, um einen Antrag auf Aussetzung zu stellen, bis die Entscheidung eines Anhörungsausschusses vorliegt. Allerdings reichte PFTA am 28. August 2024 das Formular 10-Q ein, wodurch der in der Mitteilung genannten Mangel effektiv behoben wurde.
- Form 10-Q filed on August 28, 2024, resolving the compliance issue
- Received notice of non-compliance from Nasdaq due to delayed 10-Q filing
- Potential additional basis for delisting from Nasdaq
Insights
This notice from Nasdaq highlights serious compliance issues for Perception Capital Corp. III. The delayed filing of their Q2 2024 10-Q report is concerning, especially for a SPAC that's already under scrutiny for failing to complete a business combination within the standard 24-month timeframe. While they've now filed the report, this incident raises questions about the company's internal controls and ability to meet regulatory requirements.
The potential delisting threat is a significant risk for investors. If delisted, the stock's liquidity could drastically decrease, potentially leading to shareholder value erosion. The company's ability to quickly resolve this issue by filing the 10-Q is positive, but the underlying reasons for the delay warrant investigation. Investors should closely monitor the upcoming Nasdaq Hearings Panel decision, as it will be important for the company's future on the exchange.
The situation with Perception Capital Corp. III presents several legal and regulatory concerns. Firstly, the failure to file the 10-Q on time is a violation of SEC regulations, which require timely and accurate financial reporting. This could potentially lead to SEC investigations or penalties.
Secondly, the company's non-compliance with Nasdaq Listing Rule 5250(c)(1) puts it at risk of delisting. While they've now filed the report, the fact that this comes on top of their failure to complete a business combination within 36 months suggests a pattern of regulatory challenges. The upcoming Nasdaq Hearings Panel will be critical in determining the company's listing status. Investors should be aware that continued listing issues could lead to potential shareholder lawsuits, especially if there's a significant drop in stock value due to these compliance problems.
MINNEAPOLIS, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Perception Capital Corp. III (Nasdaq: PFTA) (the “Company”), a special purpose acquisition company, today announced that it received written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) on August 26, 2024 (the “Notice”) indicating that the Company is delinquent in filing its Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the “Form 10-Q”), which may serve as an additional basis for the delisting of the Company’s securities from Nasdaq. As a result, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the “SEC”). The Company previously filed a Form 12b-25 with the SEC on August 15, 2024, disclosing that it was unable to file the Form 10-Q within the prescribed time period without unreasonable effort or expense. Under Nasdaq rules, a company that receives a delist determination for delinquency, can request an appeal to a Nasdaq Hearings Panel (the “Hearings Panel”). A request for a hearing regarding a delinquent filing will stay the suspension of the Company’s securities for a period of 15 days from the date of the request. Since the Company is already before a Hearings Panel for its failure to achieve a business combination in 36 months, the Notice provided that the Company has until September 3, 2024 to request a stay of the suspension, pending a Hearing Panels decision.
On August 28, 2024, the Company filed the Form 10-Q with the SEC, therefore, curing the deficiency outlined in the Notice.
About Perception Capital Corp. III
Perception Capital Corp. III is a special purpose acquisition company affiliated with Perception Capital Partners IIIA LLC, a private and public equity investor.
Contact
Perception Capital Corp. III
Rick Gaenzle
Chief Executive Officer
investors@perceptioncapitalpartners.com
FAQ
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