European Biotech Acquisition Corp. Receives Expected Notification from Nasdaq Related to Delayed Quarterly Report
June 04 2021 - 4:40PM
Business Wire
European Biotech Acquisition Corp. (the “Company”) today
announced it received a notice on May 28, 2021 from the Nasdaq
Stock Market LLC (“Nasdaq”) indicating that as a result of the
Company’s failure to timely file its Quarterly Report on Form 10-Q
for the period ended March 31, 2021 (the “Quarterly Report”), the
Company no longer complies with the continued listing requirements
set forth in Nasdaq Listing Rule 5250(c)(1). The notice has no
immediate impact on the listing of the Company’s securities, which
will continue to trade on Nasdaq, subject to the Company’s
compliance with other applicable continued listing
requirements.
On April 12, 2021 the Staff of the U.S. Securities and Exchange
Commission (the “SEC”) released the “Staff Statement on Accounting
and Reporting Considerations for Warrants Issued by Special Purpose
Acquisition Companies (“SPACs”)” (the “Staff Statement”). The Staff
Statement sets forth the conclusion of the SEC’s Office of the
Chief Accountant that certain provisions included in the warrant
agreements entered into by many SPACs, such as the Company, require
such warrants to be accounted for as liabilities measured at fair
value, rather than as equity securities, with changes in fair value
during each financial reporting period reported in earnings. The
Company has previously classified its private placement warrants
and public warrants as equity.
The Company’s management and the Audit Committee of the
Company’s board of directors are working to determine whether, in
light of the Staff Statement, it is appropriate to restate the
Company’s previously issued audited financial statements as of
March 18, 2021. Given the scope of the process for evaluating the
impact of the Staff Statement on the Company’s financial
statements, the Company was unable to complete and file its
Quarterly Report on Form 10-Q for the period ended March 31, 2021
(the “Quarterly Report”) by the required due date of May 17, 2021.
On May 17, 2021, the Company filed a Form 12b-25 Notification of
Late Filing with the SEC related to the Quarterly Report. The
Company is working diligently to prepare and file the Quarterly
Report as soon as reasonably practicable.
The notice advises that under Nasdaq’s rules, the Company now
has 60 calendar days to submit a plan to regain compliance, and if
Nasdaq accepts the Company’s plan, it will have up to 180 calendar
days from the filing due date to regain compliance. The Company can
regain compliance with Nasdaq listing standards during this 180 day
period when the Company files its Quarterly Report with the SEC.
The Company’s securities will remain listed on Nasdaq under the
symbols “EBAC,” “EBACU” and “EBACW.”
About European Biotech Acquisition Corp.
European Biotech Acquisition Corp. was formed for the purpose of
effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one
or more businesses. The Company intends to focus on identifying
promising opportunities in the life sciences industry in Europe.
The members of the management team are associated with LSP, one of
Europe’s largest and most experienced healthcare investment
firms.
Forward-Looking Statements
Certain statements made in this release are forward-looking
statements. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose” and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company’s control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements.
Factors that may cause actual results to differ materially from
current expectations include, but are not limited to: (i) the
inability to timely prepare and file the Quarterly Report; (ii) the
ability to select an appropriate target business or businesses;
(iii) the ability to complete the initial business combination;
(iv) the inability to maintain the listing of the Company’s shares
on Nasdaq; (v) expectations around the performance of the
prospective target business or businesses; (vi) success in
retaining or recruiting, or changes required in, the Company’s
officers, key employees or directors following the initial business
combination; (vii) changes in applicable laws or regulations;
(viii) the Company’s officers and directors allocating their time
to other businesses and potentially having conflicts of interest
with the Company’s business or in approving the initial business
combination; and (ix) the ability to consummate an initial business
combination due to the uncertainty resulting from the COVID-19
pandemic. The Company does not undertake any obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210604005620/en/
For more information, please contact: Investor
Relations: For inquiries please contact Eduardo Bravo at
ebac@lspvc.com.
European Biotech Acquisi... (NASDAQ:EBAC)
Historical Stock Chart
From Sep 2024 to Oct 2024
European Biotech Acquisi... (NASDAQ:EBAC)
Historical Stock Chart
From Oct 2023 to Oct 2024