TB SA Acquisition Corp Announces Receipt of NASDAQ Continued Listing Standard Notice

Rhea-AI Summary

TB SA Acquisition Corp (NASDAQ: TBSA) received a deficiency letter from Nasdaq due to its failure to file the Quarterly Report on Form 10-Q for the period ended March 31, 2022. The company had submitted a Notification of Late Filing on May 16, 2022, but could not meet the extended deadline of May 21, 2022. TBSA plans to submit a Compliance Plan to Nasdaq within the 60-day window provided. Nonetheless, the company remains compliant with all other Nasdaq listing standards and expects to file the Form 10-Q soon, with no immediate effects on its securities listing or trading.

Positive

• Company intends to submit a Compliance Plan to Nasdaq within 60 days.
• No immediate effect on the trading of TBSA's securities.
• The company remains compliant with all other Nasdaq listing standards.

Negative

• Failure to file Form 10-Q may indicate internal financial reporting issues.
• Delays in financial statements could affect investor confidence.

NEW YORK--(BUSINESS WIRE)-- TB SA Acquisition Corp (Nasdaq: TBSA) (the “Company”) today announced that on June 1, 2022 it received a deficiency letter from The Nasdaq Stock Market LLC (“Nasdaq”) relating to the Company’s failure to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2022 (the “Form 10-Q”) as required under Section 5250(c) of Nasdaq Rules regarding the Qualification, Listing and Delisting of Companies (the “Nasdaq Listing Rules”).

On May 16, 2022, the Company filed Notification of Late Filing on Form 12b-25 (the “Form 12b-25”), indicating that the filing of its Form 10-Q will be delayed. Although the Company has dedicated significant resources to the completion of finalizing its financial statements and related disclosures for inclusion in the Form 10-Q, the Company was unable to complete and file the Form 10-Q prior to May 21, 2022, the extension period provided by the Form 12b-25. Additional time is needed by the Company to complete its review of the financial statements included in the Form 10-Q in order to ensure a complete, accurate Quarterly Report.

Under Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company generally has until 60 calendar days from the date of the deficiency letter to submit to Nasdaq a plan (the “Compliance Plan”) to regain compliance with the Nasdaq Listing Rules. The Company intends to submit the Compliance Plan as soon as practicable.

The Company is in compliance with all other Nasdaq continued listing standards. The Company expects to file the Form 10-Q in the very near term and does not foresee any risk of non-compliance with the Nasdaq 60-day remediation timeframe. The Nasdaq notice has no immediate effect on the listing or trading of the Company’s securities on Nasdaq.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “guidance” or the negative of those terms or other comparable terminology. These statements are based on the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. The above statements regarding the impact of the Statement on the Company’s financial statements, as well as the effect of the revision on any periodic SEC filings, including the timing of filing the Form 10-Q, constitute forward-looking statements that are based on the Company’s current expectations. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause future events to differ materially from those in the forward-looking statements, many of which are outside of the Company’s control. These factors include, but are not limited to, a variety of risk factors affecting the Company’s business and prospects, see the section titled “Risk Factors” in the Company’s Prospectus filed with the SEC on March 24, 2021 and subsequent reports filed with the SEC, as amended from time to time. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220610005306/en/

Media

James Crawley

+1 (345) 814-5771

E-mail: James.crawley@tbsacorp.com

Source: TB SA Acquisition Corp

FAQ

What is the reason for TBSA's deficiency letter from Nasdaq?

TBSA received a deficiency letter due to its failure to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2022.

What steps is TBSA taking to address the Nasdaq deficiency?

TBSA intends to submit a Compliance Plan to Nasdaq within 60 days to regain compliance.

Will TBSA's securities be affected by the Nasdaq notice?

The Nasdaq notice has no immediate effect on the listing or trading of TBSA's securities.

When does TBSA expect to file its Form 10-Q?

TBSA expects to file the Form 10-Q in the very near term.

What are the implications of not filing the Form 10-Q on time for TBSA?

Not filing the Form 10-Q on time could raise concerns about the company's financial reporting processes and impact investor confidence.