Zanite Acquisition Corp. Receives Nasdaq Notice Regarding Delayed Form 10-Q Filing

Rhea-AI Summary

Zanite Acquisition Corp. (Nasdaq: ZNTEU) has received a notice from Nasdaq indicating non-compliance with 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 27, 2021, to file the report and regain compliance. If not filed, it may submit a compliance plan by that date. The delay is connected to evaluating the impact of SEC guidance on SPACs regarding warrant accounting on its financial statements. The company is committed to filing the report as soon as possible.

Positive

• None.

Negative

• Non-compliance with Nasdaq Listing Rule 5250(c)(1) due to late Q1 2021 Form 10-Q filing.
• Potential risks associated with the delayed filing affecting stock performance.

Zanite Acquisition Corp. (Nasdaq: ZNTEU) (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 27, 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 27, 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.

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FAQ

What is the status of Zanite Acquisition Corp.'s Q1 2021 Form 10-Q filing?

Zanite Acquisition Corp. has yet to file its Q1 2021 Form 10-Q, receiving a notice of non-compliance from Nasdaq.

What are the implications of the notice from Nasdaq for ZNTEU?

The notice indicates a risk of delisting if Zanite Acquisition Corp. does not file the Q1 2021 Form 10-Q by July 27, 2021.

How is Zanite Acquisition Corp. addressing the late filing issue?

The company is diligently working on completing the Q1 2021 Form 10-Q and expects to file it as soon as practicable.

What factors are contributing to the delayed filing of the Form 10-Q?

The delay is related to the accounting and reporting considerations for warrants issued by SPACs, as per SEC guidance released on April 12, 2021.