TUSCAN HOLDINGS CORP. RECEIVES NASDAQ NOTIFICATION REGARDING DELAYED FORM 10-Q

Rhea-AI Summary

Tuscan Holdings Corp. (NASDAQ: THCB) received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. The company has until July 26, 2021, to file this report or submit a plan for regaining compliance. If a plan is approved, Nasdaq may grant an extension of up to 180 days. The company expects to file the report before the deadline, with no immediate effect on its listing status.

Positive

• Tuscan anticipates filing the Form 10-Q ahead of the July 26 deadline, which may help it regain compliance.
• The notification has no immediate effect on the company's securities listing on Nasdaq.

Negative

• Failure to file the Form 10-Q by the deadline could lead to compliance issues.
• Lack of assurance that the company will meet Nasdaq listing requirements.

NEW YORK, New York, May 28, 2021 (GLOBE NEWSWIRE) -- Tuscan Holdings Corp. (NASDAQ: THCB) (“Tuscan” or the “Company”), a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, announced that on May 28, 2021, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) advising that because the Company failed to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021 (the “Form 10-Q”), the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”). Nasdaq has informed the Company that it has until July 26, 2021 to submit a plan to regain compliance with the Rule, provided that the Company will not be required to submit a plan if the Form 10-Q is filed before such date. If Nasdaq approves the Company’s plan, it has the discretion to grant the Company an extension of up to 180 calendar days from the due date of the Form 10-Q (or until November 22, 2021) to regain compliance.

The Company anticipates that it will file the Form 10-Q in advance of the sixty-day deadline and thereby regain compliance with the Nasdaq continued listing requirements. If the Company is unable to file the Form 10-Q by July 26, 2021, it intends to file a plan to regain compliance with Nasdaq. There can be no assurance, however, that the Company will be able to regain compliance with the listing requirements discussed above or otherwise satisfy the other Nasdaq listing criteria.  This notification has no immediate effect on the listing of the Company’s securities on Nasdaq.

Forward Looking Statements

This press release includes certain “forward-looking” statements, as that term is defined under the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,” “opportunity,” and similar words or phrases or the negatives of these words or phrases. These forward-looking statements are based on the Company’s current assumptions, expectations, and beliefs and are subject to substantial risks, estimates, assumptions, uncertainties, and changes in circumstances that may cause actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement, including, among others, the timing of the filing of the Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021 and any further delay in the filing of required periodic reports with the SEC.  In addition, please refer to the risk factors contained in the Company’s SEC filings. Because the risks, estimates, assumptions, and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and, except as required by law, the Company assumes no obligation and does not intend to update any forward-looking statement to reflect events or circumstances after the date hereof.

Company Contact:                                                                                                        

Steven Vogel
Chief Executive Officer
Tuscan Holdings Corp.
135 E. 57th Street, 18th Floor
New York, NY 10022
(646) 948-7099

FAQ

What is the latest update on Tuscan Holdings Corp. (THCB) compliance with Nasdaq rules?

Tuscan Holdings Corp. received a notification from Nasdaq about non-compliance due to a late Form 10-Q filing and has until July 26, 2021, to address it.

What happens if Tuscan Holdings (THCB) does not file its Form 10-Q by July 26, 2021?

If Tuscan Holdings does not file its Form 10-Q by July 26, 2021, it must submit a plan to regain compliance or face potential delisting.

How long does Tuscan Holdings (THCB) have to regain Nasdaq compliance?

Tuscan Holdings has until July 26, 2021, to file its Form 10-Q and if a plan is approved, it could get an extension of up to 180 days.

Is there any immediate impact on Tuscan Holdings Corp. (THCB) stock due to the Nasdaq notification?

The notification regarding late filing has no immediate effect on the listing status of Tuscan Holdings securities on Nasdaq.