Gores Holdings IX Announces Receipt of Nasdaq Listing Delinquency Notification Letter
September 13 2024 - 4:45PM
Business Wire
Gores Holdings IX, Inc. (Nasdaq: GHIX) (the “Company”) today
announced that it received a delinquency notification letter (the
“Notice”) from the Nasdaq Listing Qualifications Department of the
Nasdaq Stock Market LLC (“Nasdaq”) on September 9, 2024 due to the
Company’s non-compliance with Nasdaq Listing Rule 5250(c)(1) (the
“Listing Rule”) as a result of the Company’s failure to file its
Quarterly Report on Form 10-Q for the fiscal quarter ended June 30,
2024 (the “Q2 2024 Form 10-Q”). The Listing Rule requires listed
companies to timely file all required periodic financial reports
with the Securities and Exchange Commission (the “SEC”). The Notice
has no immediate effect on the listing of the Company’s securities
on Nasdaq. However, if the Company fails to timely regain
compliance with the rule, the Company’s securities will be subject
to delisting from Nasdaq.
The Notice provides that the Company has 60 calendar days to
submit a plan to Nasdaq to regain compliance; if the plan is
accepted, Nasdaq can grant an exception of up to 180 days from the
due date of the Q2 2024 Form 10-Q, or until February 10, 2025, to
regain compliance.
As previously described in the Company’s Current Report on Form
8-K, filed with the SEC on August 29, 2024, the Company’s failure
to timely file the Q2 2024 Form 10-Q was as result of the discovery
of potential errors for the accounting of the Company’s tax
provision, which the Audit Committee of the board of directors of
the Company has determined impacted the Company’s previously filed
annual and quarterly reports. The Company is currently diligently
working with its independent registered public accounting firm to
complete the necessary audits and restatements in order to file the
Q2 2024 Form 10-Q and other amended periodic filings, and will
provide Nasdaq with its plan to regain compliance by the applicable
deadline.
Forward-Looking Statements
This press release may contain forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995. We
intend such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements. The Company
advises caution in reliance on forward-looking statements.
Forward-looking statements include, without limitation, statements
related to: the completion of the Company’s review of accounting
matters and audit of the Company’s financial statements; the
Company’s plans and timing related to the filing of the Q2 2024
Form 10-Q and the Company’s Form 10-K/A for the fiscal year ended
December 31, 2023 with the restated results; expectations with
respect to how the adjustments will impact the Company’s financial
statements; and the Company’s plans, objectives and intentions that
are not historical facts generally. These statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those implied by the
forward-looking statement, including without limitation: the final
outcome of the evaluation of accounting matters and the impact of
the adjustments to the Company’s financial statements; the
discovery of additional and unanticipated information during the
re-evaluation and audit of the Company’s financial statements,
including it evaluation of effectiveness of internal control over
financial reporting; changes in assumptions regarding how the
evaluation will impact the Company’s financial results; the
application of accounting or tax principles in an unanticipated
manner; the possibility that the Nasdaq may delist the Company’s
securities; risks related to the Company’s ability to implement and
maintain effective internal control over financial reporting in the
future; and the impact of these factors on the Company’s
performance and outlook. See also other risks that are described in
“Risk Factors” in the Company’s filings with the SEC, including its
Annual Report on Form 10-K filed with the SEC for the fiscal year
ended December 31, 2023, and any subsequent reports filed with the
SEC. All forward-looking statements in this press release are based
on information available to the Company as of the date hereof. The
Company expressly disclaims any obligation to update or alter its
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240913211792/en/
Jennifer Kwon Chou, jchou@gores.com
Gores Holdings IX (NASDAQ:GHIX)
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