Broadscale Acquisition Corp. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
On May 28, 2021, Broadscale Acquisition Corp. (NASDAQ: SCLE) received a notice from Nasdaq Regulation regarding non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Quarterly Report on Form 10-Q for Q1 2021. The notice does not immediately affect the trading of the Company’s units, Class A common stock, or warrants. Broadscale must submit a compliance plan by July 26, 2021, and if accepted, has until November 22, 2021, to regain compliance. The Company is currently finalizing its Form 10-Q while addressing the SEC's guidelines on accounting for warrants.
- No immediate impact on listing or trading despite non-compliance notice.
- Opportunity to regain compliance by submitting a plan with a potential extension until November 22, 2021.
- Delayed filing of Form 10-Q may raise concerns about financial transparency.
- Ongoing evaluation of financial statements could indicate potential issues affecting compliance.
NEW YORK, NY, May 28, 2021 (GLOBE NEWSWIRE) -- Broadscale Acquisition Corp. (NASDAQ: SCLE) (the “Company”), a blank-check company formed 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, today announced that on May 28, 2021 it received a notice from Nasdaq Regulation indicating that, as a result of not having timely filed its Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the “Form 10-Q”), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).
The Nasdaq notice has no immediate effect on the listing or trading of the Company’s units, Class A common stock or warrants on the Nasdaq Capital Market. The Notice provides that the Company must submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) by July 26, 2021. If the plan is accepted by Nasdaq, then Nasdaq can grant the Company up to 180 calendar days from the due date of the Form 10-Q, or November 22, 2021, to regain compliance.
As the Company reported in its Form 12b-25 filed with the SEC on May 18, 2021, the Company is working diligently to complete the Form 10-Q as soon as possible; however, given the scope of the process for evaluating the impact on the Company’s financial statements of the Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) issued by the staff of the SEC on April 12, 2021, the Company is not in a position to file the Form 10-Q until after the completion of this process.
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 prospectus for its initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.
Contacts
Andrew Shapiro
Chairman and Chief Executive Officer
ashapiro@broadscalespac.com
(646) 849-9977
John Hanna
Chief Financial Officer and Head of Acquisitions
jhanna@broadscalespac.com
(917) 941-4273
FAQ
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