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

Rhea-AI Summary

SportsMap Tech Acquisition Corp. (NASDAQ: SMAPU, SMAP, SMAPW) received a notice from Nasdaq on April 19, 2022, indicating non-compliance with Listing Rule 5250(c)(1) due to a late filing of its Annual Report on Form 10-K for the year ended December 31, 2021. The notice does not affect the trading status of the Company’s securities immediately. The Company has 60 days to submit a compliance plan and may receive an extension of up to 180 days until October 12, 2022, to regain compliance.

Positive

• The Company is actively working to finalize and file the overdue Form 10-K.

Negative

• Non-compliance with Nasdaq Listing Rule could impact investor confidence.
• Failure to regain compliance may lead to delisting risks.

HOUSTON--(BUSINESS WIRE)-- SportsMap Tech Acquisition Corp. (NASDAQ: SMAPU, SMAP, SMAPW) (the “Company”) announced today that on April 19, 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 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. The Company is working diligently to complete the Form 10-K as soon as possible.

Under Nasdaq rules, the Company has 60 calendar days from the date of the Notice 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/20220425005920/en/

David Gow

713-479-5302

info@sportsmaptech.com

Source: SportsMap Tech Acquisition Corp.

FAQ

What is the compliance issue faced by SportsMap Tech Acquisition Corp. regarding NASDAQ?

SportsMap Tech Acquisition Corp. has failed to timely file its Annual Report on Form 10-K for the period ended December 31, 2021, leading to a notice of non-compliance from NASDAQ.

What are the potential consequences if SportsMap Tech does not resolve the compliance issue?

If SportsMap Tech does not resolve the compliance issue, it may face delisting from the NASDAQ market.

What is the deadline for SportsMap Tech to submit a compliance plan?

The company has 60 calendar days from the notice date, which is until June 18, 2022, to submit a compliance plan.

How long can SportsMap Tech be granted an extension to regain compliance?

If accepted, NASDAQ may grant an extension of up to 180 days, allowing compliance to be regained by October 12, 2022.