SilverBox Engaged Merger Corp I Announces Nasdaq Notification of Delinquency Relating to Filing of Quarterly Report on Form 10-Q
SilverBox Engaged Merger Corp I (NASDAQ: SBEA) received a notice from Nasdaq regarding a violation of Listing Rule 5250(c)(1) for failing to file its Quarterly Report on Form 10-Q for the period ended March 31, 2021. The report, originally due on May 17, 2021, could not be filed due to challenges in preparing certain financial information. Nasdaq has given the Company until July 26, 2021, to submit a compliance plan. If accepted, the Company may gain an extension until November 22, 2021. The notice does not currently affect the trading of the Company's units or stock.
- Company can submit a compliance plan to regain Nasdaq listing.
- Potential extension until November 22, 2021, if the plan is accepted.
- Violation of Nasdaq Listing Rule due to late filing of the Quarterly Report.
- Possible risks of non-compliance affecting investor confidence.
AUSTIN, Texas, June 04, 2021 (GLOBE NEWSWIRE) -- SilverBox Engaged Merger Corp I (the “Company”) (NASDAQ: SBEA) received a letter from the Nasdaq Stock Market (“Nasdaq”) notifying the Company that it had violated Nasdaq Listing Rule 5250(c)(1) because the Company had not yet filed its Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the “Quarterly Report”) with the Securities and Exchange Commission (the “SEC”). As previously disclosed on May 18, 2021 on Form 12b-25, the Quarterly Report could not be filed by its May 17, 2021 deadline without unreasonable effort and expense due to the preparation and compilation of certain financial information to be included in the Quarterly Report with respect to the accounting treatment of its public warrants and private placement warrants.
In its letter, Nasdaq stated that the Company had until July 26, 2021 to submit a plan to regain compliance. If Nasdaq accepted the Company’s plan, it could then grant an exception of up to 180 calendar days from the Quarterly Report’s due date, or until November 22, 2021, to regain compliance. If Nasdaq did not accept the Company’s plan, the Company would have had the opportunity to appeal that decision to a Nasdaq Hearings Panel and to request a further stay pending the appeal. Nasdaq’s letter has had no immediate effect on the listing or trading of the Company’s units, common stock or warrants on the Nasdaq Capital Market.
The Company expects to file the Quarterly Report prior to July 26, 2021.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the filing of its Form 10-Q. 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 prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents 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.
Contact
Dan Gagnier / Jeff Mathews
Gagnier Communications
646-569-5897
sbcap@gagnierfc.com
FAQ
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