InterPrivate III Financial Partners Inc. Receives NYSE Notice Regarding Delayed Form 10-Q Filing
Rhea-AI Summary
InterPrivate III Financial Partners (NYSE: IPVF) announced receiving a notice from the New York Stock Exchange due to its failure to timely file its Q1 2021 Form 10-Q with the SEC. Although this notice does not immediately affect its stock listing, the company must file the report by November 24, 2021, to regain compliance. The delay is attributed to the recent SEC guidance on SPAC warrant accounting, impacting the preparation of its financial statements. The company is diligently working to resolve this issue and plans to file the report ahead of the deadline.
Positive
- Company plans to file the Q1 2021 Form 10-Q before the November 24, 2021 deadline to regain compliance.
Negative
- Failure to timely file the Q1 2021 Form 10-Q raises compliance concerns with the NYSE.
- Delays in financial statement preparation due to recent SEC guidelines on SPACs could indicate potential risks.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, June 1, 2021 /PRNewswire/ -- InterPrivate III Financial Partners Inc. (NYSE: IPVF) (the "Company") today announced that it received a notice from the New York Stock Exchange (the "NYSE") indicating that the Company is not in compliance with Section 802.01E of the NYSE Listed Company Manual 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"). The notice has no immediate effect on the listing of the Company's stock on the NYSE.
The NYSE informed the Company that, under the NYSE's rules, the Company can regain compliance with the NYSE's continued listing requirements by filing the Q1 2021 Form 10-Q with the SEC at any time prior to November 24, 2021.
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 (the "Statement") 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 immediacy of the effective date of 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 Form 10-Q with the SEC by the prescribed deadline. The Company is working diligently to complete the Q1 2021 Form 10-Q and expects to file such report in advance of the deadline and thereby regain compliance with the NYSE continued listing requirements.
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.
Press Contact
Charlotte Luer, Marketing
cluer@interprivate.com
+1 212 634 0826
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SOURCE InterPrivate III Financial Partners Inc.