Appreciate Announces Receipt of Notice From Nasdaq Regarding Late Filing of its Form 10-Q
May 19 2023 - 4:15PM
Appreciate Holdings, Inc. (“Appreciate” or the “Company”)
(
NASDAQ: SFR), the parent holding company of
Renters Warehouse (“Renters Warehouse”), a leading end-to-end
Single-Family Rental (“SFR”) marketplace and management platform,
today announced that it received an additional written notice (the
“Additional Notice”) on May 18, 2023, from the Listing
Qualifications Department of The Nasdaq Stock Market (“Nasdaq”), as
a result of its failure to file Form 10-Q for the period ended
March 31, 2023 (the “Form 10-Q), and its Annual Report on Form 10-K
for the fiscal year ended December 31, 2022 (the “Form 10-K”) in a
timely manner. The Notice advised the Company that it was not in
compliance with Nasdaq’s continued listing requirements under the
Nasdaq Listing Rule 5250(c)(1) (the “Rule”) because it has not
timely filed the Form 10-K and the Form 10-Q with the Securities
and Exchange Commission (the “SEC”).
As previously reported by the Company in its
Form 12b-25 filed with the SEC on April 3, 2023, and in its Form
12b-25 filed with the SEC on May 17, 2023, the Company was unable
to file its Form 10-K and Form 10-Q within the prescribed time
period without unreasonable effort or expense.
Nasdaq has informed the Company that, under
Nasdaq rules, the Company has until June 20, 2023, to submit a plan
to regain compliance with the Rule. If Nasdaq accepts the Company’s
plan, then Nasdaq may grant an exception of up to 180 calendar days
from the due date of the Form 10-K, or until October 16, 2023, to
regain compliance. However, there can be no assurance that Nasdaq
will accept the Company’s plan to regain compliance or that the
Company will be able to regain compliance within any extension
period granted by Nasdaq or maintain compliance with the other
continued listing requirements set forth in the Nasdaq Listing
Rules. If Nasdaq does not accept the Company’s plan, then the
Company will have the opportunity to appeal that decision to a
Nasdaq hearings panel. The Additional Notice has no immediate
effect on the listing or trading of the Company’s securities.
About Appreciate
Appreciate, the parent holding company of
Renters Warehouse, is a leading end-to-end SFR marketplace and
management platform. The company offers a full-service platform for
investing in and managing SFR properties, including a proprietary
online marketplace and full-service brokerage teams in over 40
markets. For more information, visit appreciate.rent.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act. Our forward-looking statements
include, but are not limited to, statements regarding our
management team’s expectations, hopes, beliefs, intentions or
strategies regarding the future. In addition, any statements that
refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intends,” “may,” “might,” “plan,” “possible,” “become,”
“potential,” “predict,” “project,” “should,” “would,”
“opportunity,” “mission,” “goal,” “positioned” and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking.
The forward-looking statements contained in this
press release are based on our current expectations and beliefs
concerning future developments and their potential effects on us
taking into account information currently available to us. There
can be no assurance that future developments affecting us will be
those that we have anticipated. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond
our control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. These risks include,
but are not limited to:
- trends in the real estate industry,
the real estate financing industry, movements in interest rates and
Appreciate’s market size, including with respect to the potential
total addressable market in the industry;
- Appreciate’s growth prospects; new
product and service offerings Appreciate may introduce in the
future;
- debt defaults and substantial
service provider obligations and the need for or failure to obtain
additional capital;
- the price of Appreciate’s
securities, including volatility resulting from changes in the
highly competitive industry in which Appreciate operates and plans
to operate, variations in performance across competitors, changes
in laws and regulations affecting Appreciate’s business and changes
in Appreciate’s capital structure;
- the ability to implement business
plans, forecasts, and other expectations as well as identify and
realize additional opportunities;
- and other risks and uncertainties
indicated from time to time in filings made with the SEC.
These risks are not exhaustive. New risk factors
emerge from time to time and it is not possible for our management
to predict all risk factors, nor can we assess the impact of all
factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
Should one or more of these risks or uncertainties materialize,
they could cause our actual results to differ materially from the
forward-looking statements.
A forward-looking statement is neither a
prediction nor a guarantee of future events or circumstances, and
those future events or circumstances may not occur. We are under no
obligation, and we expressly disclaim any obligation, to update or
alter any forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Relations
Contact:Gateway Investor RelationsCody Slach, Ralf
Esper(949) 574-3860SFR@gatewayir.com
Media Relations Contact:Gateway
PRZach Kadletz, Anna Rutter(949) 574-3860SFR@gatewayir.com
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