Powered Brands Announces It Has Regained Compliance with Nasdaq Listing Requirements

Rhea-AI Summary

Powered Brands (Nasdaq: POW) has regained compliance with Nasdaq Listing Rule 5250(c)(1) after filing its Quarterly Report on Form 10-Q for the period ended March 31, 2021, on June 3, 2021. The company previously received a notice from Nasdaq on May 28, 2021, indicating non-compliance due to the late filing of the Form 10-Q. Powered Brands is a blank check company focused on potential mergers and acquisitions in the beauty, wellness, and consumer sectors.

Positive

• Regained compliance with Nasdaq Listing Rule 5250(c)(1).
• Filed Quarterly Report on Form 10-Q, addressing previous compliance issues.

Negative

• Received a notice from Nasdaq regarding non-compliance for late filing of Form 10-Q.

Powered Brands (Nasdaq: POW, the “Company”) announced today that it has regained compliance with Nasdaq Stock Market LLC (“Nasdaq”) Listing Rule 5250(c)(1) (the “Rule”) after filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”) on June 3, 2021.

On May 28, 2021, the Company received a notice from Nasdaq indicating that the Company was not in compliance with the Rule as a result of its failure to timely file the Form 10-Q with the SEC as required by the Rule.

About Powered Brands

Powered Brands is a newly incorporated blank check company, incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, which we refer to as our initial business combination. While Powered Brands may pursue an initial business combination opportunity in any business, industry, sector or geographical location, it intends to capitalize on the ability of its management team to identify promising opportunities within beauty, wellness and consumer-related industries.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination. 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, as amended from time to time, and prospectus for the Company’s initial public 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210603006099/en/

FAQ

What is the significance of POW regaining compliance with Nasdaq rules?

Regaining compliance allows Powered Brands to continue trading on Nasdaq without facing potential penalties or delisting.

When did Powered Brands file its Form 10-Q?

Powered Brands filed its Form 10-Q for the quarter ended March 31, 2021, on June 3, 2021.

Why did POW receive a notice from Nasdaq?

Powered Brands received a notice for not timely filing its Form 10-Q as required by Nasdaq Listing Rule 5250(c)(1).

What type of company is Powered Brands?

Powered Brands is a blank check company incorporated for the purpose of merging or acquiring other businesses in sectors like beauty and wellness.