Senior Connect Acquisition Corp. I Receives Nasdaq Notice Regarding Delayed Form 10-Q Filing

Rhea-AI Summary

Senior Connect Acquisition Corp. I (Nasdaq: SNRHU) announced it is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the late filing of its Q1 2021 Form 10-Q, which was due by May 24, 2021. The company has until July 26, 2021, to submit the report to regain compliance. This follows the SEC's guidance on warrants issued by SPACs, which may affect its financial statements. The company is actively working to finalize the report and file it as soon as possible.

Positive

• The company is working diligently to file the Q1 2021 Form 10-Q.
• There is no immediate effect on the listing or trading of the company's securities.

Negative

• Failure to file the Q1 2021 Form 10-Q on time puts the company at risk of non-compliance with Nasdaq listing requirements.
• Uncertainties regarding the impact of SEC's guidance on the company's financial statements may cause delays.

Scottsdale, AZ, June 03, 2021 (GLOBE NEWSWIRE) -- Senior Connect Acquisition Corp. I (Nasdaq: SNRHU) (the “Company”) today announced that it received a notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the “Q1 2021 Form 10-Q”) with the Securities and Exchange Commission (the “SEC”) on or before May 24, 2021, the extended period provided for the filing under Rule 12b-25(b) of the Securities Exchange Act of 1934, as amended. The notice has no immediate effect on the listing or trading of the Company’s units, common stock or warrants on Nasdaq.

Nasdaq has informed the Company that, under Nasdaq’s listing rules, the Company has 60 calendar days from the date of the initial Nasdaq notification letter, or until July 26, 2021, to file the Q1 2021 Form 10-Q with the SEC to regain compliance with Nasdaq’s continued listing requirements. If the Company is unable to file the Q1 2021 Form 10-Q with the SEC by July 26, 2021, the Company is permitted to submit a plan to regain compliance with Nasdaq’s listing rules on or prior to that date.

As the Company reported in its Form 12b-25 filed with the SEC on May 18, 2021, the Company is currently determining the extent to which the April 12, 2021 statement released by the Staff of the SEC relating to the accounting and reporting considerations for warrants issued by special purpose acquisition companies (“SPACs”) will impact its financial statements as of and for the fiscal quarter ended March 31, 2021, which will be included in the Q1 2021 Form 10-Q.

The Company is working diligently to complete the Q1 2021 Form 10-Q and expects to file such report as soon as practicable.

Cautionary Note Concerning Forward-Looking Statements

This press release contains certain forward-looking statements, including without limitation the Company’s current expectations and intentions with respect to the filing of its Q1 2021 Form 10-Q. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, including the length of time that may be required for the Company to complete its procedures and file the Q1 2021 Form 10-Q, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the SEC.

Contact

Ryan Burke

Senior Connect Acquisition Corp. I

(480) 948-9200

FAQ

What does the Nasdaq notice mean for SNRHU?

The notice indicates that SNRHU is not in compliance with Nasdaq rules due to the late filing of its Q1 2021 Form 10-Q.

What is the deadline for Senior Connect to file its Q1 2021 Form 10-Q?

The company has until July 26, 2021, to file the report to regain compliance.

How does the SEC's guidance on SPAC warrants affect SNRHU?

The SEC's guidance may impact SNRHU's financial statements for the quarter, contributing to the delay in filing.

What actions is SNRHU taking to resolve the compliance issue?

SNRHU is diligently working to complete and file its Q1 2021 Form 10-Q as soon as practicable.