SportsMap Tech Acquisition Corp. Receives Notice From Nasdaq Regarding Delayed Quarterly Report

Rhea-AI Summary

SportsMap Tech Acquisition Corp. (NASDAQ: SMAPU, SMAP, SMAPW) received a notice from Nasdaq on May 25, 2022, indicating non-compliance with Listing Rule 5250(c)(1) due to the failure to timely file its Quarterly Report on Form 10-Q for Q1 2022 and its Annual Report on Form 10-K for 2021. The notice does not impact the current listing or trading of securities. The company has until June 20, 2022, to submit a compliance plan and may receive an extension until October 12, 2022, if accepted.

Positive

• Opportunity to submit a compliance plan by June 20, 2022, which could lead to an extension of up to 180 days to regain compliance.

Negative

• Failure to file Quarterly Report on Form 10-Q for Q1 2022.
• Delinquency in filing Annual Report on Form 10-K for 2021.
• Risk of potential delisting if compliance is not achieved.

HOUSTON--(BUSINESS WIRE)-- SportsMap Tech Acquisition Corp. (NASDAQ: SMAPU, SMAP, SMAPW) (the “Company”) announced today that on May 25, 2022 it received a notice (“Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”) because the Company failed to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2022 (the “Form 10-Q”) and remains delinquent in filing its Annual Report on Form 10-K for the period ended December 31, 2021 (the “Form 10-K”) with the Securities and Exchange Commission. The Notice has no immediate effect on the listing or trading of the Company’s securities on the Nasdaq Capital Market.

Under Nasdaq rules, the Company has until June 20, 2022 to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-K, or until October 12, 2022, to regain compliance.

About SportsMap Tech Acquisition Corp.

SportsMap Tech Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities. The Company may pursue a business combination opportunity in any business or industry it chooses.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements, including those set forth in the risk factors section of the prospectus used in connection with the Company’s initial public offering. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220527005307/en/

David Gow

713-479-5302

info@sportsmaptech.com

Source: SportsMap Tech Acquisition Corp.

FAQ

What is the recent compliance issue for SportsMap Tech Acquisition Corp.?

SportsMap Tech Acquisition Corp. is not compliant with Nasdaq Listing Rule 5250(c)(1) due to the failure to file its quarterly and annual reports on time.

What are the deadlines for SportsMap Tech to regain compliance with Nasdaq?

The company has until June 20, 2022, to submit a compliance plan and may receive an extension to October 12, 2022, if accepted.

How does this compliance issue affect SMAPU, SMAP, and SMAPW stocks?

Currently, the notice has no immediate effect on the listing or trading of SportsMap Tech's securities.

What are the consequences if SportsMap Tech fails to regain compliance?

If the company fails to regain compliance, it may risk delisting from the Nasdaq.