Archimedes Tech SPAC Partners Co. Regains Nasdaq Compliance Under Listing Rule 5250(c)(1)

Rhea-AI Summary

Archimedes Tech SPAC Partners Co. (NASDAQ: ATSPU) has announced that it has regained compliance with Nasdaq Listing Rule 5250(c)(1). This follows the submission of its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021, filed on July 26, 2021. Nasdaq confirmed compliance on August 6, 2021, marking the closure of this matter. Archimedes Tech is a blank check company focused on seeking target businesses primarily in the technology sector.

Positive

• Regained compliance with Nasdaq Listing Rule 5250(c)(1) on August 6, 2021.
• Successfully filed its Quarterly Report on Form 10-Q by the deadline.

Negative

• Initial failure to file the Quarterly Report on time could indicate potential operational inefficiencies.

NEW YORK, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Archimedes Tech SPAC Partners Co. (NASDAQ: ATSPU) (the “Company”) announced today that it has regained compliance with Nasdaq Listing Rule 5250(c)(1).

As previously disclosed, the Listing Qualifications Department of the Nasdaq Stock Market, LLC (“Nasdaq”) notified the Company that it did not comply with Nasdaq Listing Rule 5250(c)(1) because it had not yet filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”). Under the Nasdaq Listing Rules, the Company was required to file the Form 10-Q with the SEC by July 26, 2021 to regain compliance, or submit a plan to regain compliance with the Nasdaq Listing Rules on or prior to July 26, 2021.

On July 26, 2021, the Company submitted the Form 10-Q with the SEC.

On August 6, 2021, Nasdaq notified the Company that due to the filing of the previously untimely report, it has determined that the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1), and that this matter is now closed.

About Archimedes Tech SPAC Partners Co.

Archimedes Tech SPAC Partners Co. is 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. Archimedes Tech SPAC Partners Co. intends to focus its search for target businesses in the technology industry.

The Company is led by Chairman Dr. Eric R. Ball, Chief Executive Officer & President Stephen N. Cannon, Chief Operating Officer Daniel Sheehan, Chief Financial Officer Long Long and advised by its special advisor, Brent Callinicos.

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

Archimedes Tech SPAC Partners Co.

(650) 560 4753

Info@ArchimedesSPAC.com

2093 Philadelphia Pike #1968

Claymont, DE 19703

FAQ

What does it mean that ATSPU regained compliance with Nasdaq Listing Rule 5250(c)(1)?

It means Archimedes Tech SPAC Partners Co. has met the necessary requirements for reporting and will not face delisting.

When did ATSPU submit its Quarterly Report on Form 10-Q?

The Quarterly Report was submitted on July 26, 2021.

What was the reason for ATSPU's compliance issue with Nasdaq?

The company was notified of non-compliance due to the late filing of its Quarterly Report for March 31, 2021.

What is the focus of Archimedes Tech SPAC Partners Co.?

The company is focused on effecting business combinations with technology industry businesses.