Trident Acquisitions Corp. Receives Expected Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
Trident Acquisitions Corp. (NASDAQ: TDACU, TDAC, TDACW) received a compliance notice from Nasdaq on May 28, 2021, for failing to file its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. This delay stems from new SEC guidance on warrant accounting that prompted many SPACs to reassess their financial reporting. Trident has 60 days to file the report or propose a compliance plan, and if accepted, may receive up to 180 days to regain compliance. The notice does not impact the trading of Trident's securities at this time.
- Trident is actively working with auditors to resolve the compliance issue.
- The notice allows for a compliance plan, providing a path for remediation.
- Failure to file the Quarterly Report may lead to potential listing issues with Nasdaq.
- Delays in financial reporting could impact investor confidence and stock performance.
NEW YORK, June 02, 2021 (GLOBE NEWSWIRE) -- Trident Acquisitions Corp. (NASDAQ: TDACU, TDAC, TDACW) (“Trident”) or the “Company”), received a standard notice on May 28, 2021 from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”), which stated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because it had not filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 with the Securities and Exchange Commission (“SEC”). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the SEC.
On April 12, 2021, the staff of the SEC issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “Statement”), which provided guidance for all SPAC-related companies regarding the accounting and reporting for their warrants. The new guidance set forth in the Statement has resulted in a significant number of SPACs re-evaluating the accounting treatment for their warrants with their professional advisors, including auditors and other advisors responsible for assisting SPACs in the preparation of financial statements. This, in turn, resulted in the Company’s delay in preparing and finalizing its financial statements as of and for the quarter ended March 31, 2021 and filing its Quarterly Report on Form 10-Q with the SEC by the prescribed deadline.
Under Nasdaq rules, the Company has 60 calendar days from the date of the notice to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. If the Company is unable to file the Quarterly Report by that date, the Company is permitted to submit a plan of compliance on or prior to that date. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 days from the due date for the Quarterly Report to regain compliance.
The Company is actively working with its auditors and advisors, and intends to file its Quarterly Report as soon as possible to regain compliance.
The notice has no immediate impact on the listing or trading of the Company’s securities on Nasdaq.
About Trident Acquisitions Corp.
Trident is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. Trident's securities are quoted on the NASDAQ stock exchange under the ticker symbols TDACU, TDAC and TDACW. For more information, visit tridentacquisitions.com.
Important Notice Regarding Forward-Looking Statements
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 Trident, including those set forth in the Risk Factors section of Trident's annual report on Form 10-K for the year ended December 31, 2020, filed with the SEC. Copies are available on the SEC's website, www.sec.gov. Trident undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Relations Contact:
Gateway Investor Relations
Cody Slach
(949) 574-3860
TDAC@gatewayir.com
Trident Contact:
Vadim Komissarov
CEO
(646) 229-7549
vkomissarov@tridentacquisitions.com
FAQ
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