Trident Acquisitions Corp. Receives Expected Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Re...
June 02 2021 - 4:15PM
Trident Acquisitions Corp. (NASDAQ: TDACU, TDAC, TDACW) (“Trident”)
or the “Company”), received a standard notice on May 28, 2021 from
the Listing Qualifications Staff of The Nasdaq Stock Market LLC
(“Nasdaq”), which stated that the Company was not in compliance
with Nasdaq Listing Rule 5250(c)(1) because it had not filed its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2021
with the Securities and Exchange Commission (“SEC”). Nasdaq Listing
Rule 5250(c)(1) requires listed companies to timely file all
required periodic financial reports with the SEC.
On April 12, 2021, the staff of the SEC issued a public
statement entitled “Staff Statement on Accounting and Reporting
Considerations for Warrants Issued by Special Purpose Acquisition
Companies (“SPACs”)” (the “Statement”), which provided guidance for
all SPAC-related companies regarding the accounting and reporting
for their warrants. 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 Quarterly Report on Form 10-Q with
the SEC by the prescribed deadline.
Under Nasdaq rules, the Company has 60 calendar days from the
date of the notice to file its Quarterly Report on Form 10-Q for
the quarter ended March 31, 2021. If the Company is unable to file
the Quarterly Report by that date, the Company is permitted to
submit a plan of compliance on or prior to that date. If Nasdaq
accepts the Company’s plan, then Nasdaq may grant the Company up to
180 days from the due date for the Quarterly Report to regain
compliance.
The Company is actively working with its auditors and advisors,
and intends to file its Quarterly Report as soon as possible to
regain compliance.
The notice has no immediate impact on the listing or trading of
the Company’s securities on Nasdaq.
About Trident Acquisitions Corp.
Trident is a blank check company formed for the purpose of
entering into a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or other similar
business combination with one or more businesses or entities.
Trident's securities are quoted on the NASDAQ stock exchange under
the ticker symbols TDACU, TDAC and TDACW. For more information,
visit tridentacquisitions.com.
Important Notice Regarding Forward-Looking
Statements
This press release contains statements that constitute
"forward-looking statements”. Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of Trident, including those set forth in the Risk Factors
section of Trident's annual report on Form 10-K for the year ended
December 31, 2020, filed with the SEC. Copies are available on the
SEC's website, www.sec.gov. Trident undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Investor Relations Contact:Gateway Investor
RelationsCody Slach(949) 574-3860TDAC@gatewayir.com
Trident Contact:Vadim
KomissarovCEO(646) 229-7549vkomissarov@tridentacquisitions.com
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