Perception Capital Corp. III received written notice from Nasdaq related to delayed filing of quarterly report on Form 10-Q

Rhea-AI Summary

Perception Capital Corp. III (Nasdaq: PFTA) received a written notice from Nasdaq on August 26, 2024, indicating non-compliance with Nasdaq Listing Rule 5250(c)(1) due to a delayed filing of its Q2 2024 10-Q report. This delay could potentially serve as an additional basis for delisting the company's securities. PFTA had previously filed a Form 12b-25 on August 15, disclosing the inability to file the 10-Q within the prescribed time frame. The company was given until September 3 to request a stay of suspension, pending a Hearing Panel's decision. However, PFTA filed the Form 10-Q on August 28, 2024, effectively resolving the deficiency outlined in the notice.

Positive

• Form 10-Q filed on August 28, 2024, resolving the compliance issue

Negative

• Received notice of non-compliance from Nasdaq due to delayed 10-Q filing
• Potential additional basis for delisting from Nasdaq

MINNEAPOLIS, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Perception Capital Corp. III (Nasdaq: PFTA) (the “Company”), a special purpose acquisition company, today announced that it received written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) on August 26, 2024 (the “Notice”) indicating that the Company is delinquent in filing its Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the “Form 10-Q”), which may serve as an additional basis for the delisting of the Company’s securities from Nasdaq. As a result, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the “SEC”). The Company previously filed a Form 12b-25 with the SEC on August 15, 2024, disclosing that it was unable to file the Form 10-Q within the prescribed time period without unreasonable effort or expense. Under Nasdaq rules, a company that receives a delist determination for delinquency, can request an appeal to a Nasdaq Hearings Panel (the “Hearings Panel”). A request for a hearing regarding a delinquent filing will stay the suspension of the Company’s securities for a period of 15 days from the date of the request. Since the Company is already before a Hearings Panel for its failure to achieve a business combination in 36 months, the Notice provided that the Company has until September 3, 2024 to request a stay of the suspension, pending a Hearing Panels decision.

On August 28, 2024, the Company filed the Form 10-Q with the SEC, therefore, curing the deficiency outlined in the Notice.

About Perception Capital Corp. III

Perception Capital Corp. III is a special purpose acquisition company affiliated with Perception Capital Partners IIIA LLC, a private and public equity investor.

Contact

Perception Capital Corp. III
Rick Gaenzle
Chief Executive Officer
investors@perceptioncapitalpartners.com

FAQ

What was the reason for Perception Capital Corp. III (PFTA) receiving a notice from Nasdaq?

PFTA received a notice from Nasdaq on August 26, 2024, due to the delayed filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2024.

When did Perception Capital Corp. III (PFTA) file its delayed Form 10-Q?

PFTA filed the delayed Form 10-Q on August 28, 2024, resolving the compliance issue outlined in the Nasdaq notice.

What Nasdaq rule did Perception Capital Corp. III (PFTA) violate with its delayed filing?

PFTA was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the SEC.

What potential consequence did Perception Capital Corp. III (PFTA) face due to the delayed 10-Q filing?

The delayed filing could potentially serve as an additional basis for delisting PFTA's securities from Nasdaq.