890 5e Avenue Partners, Inc. (NASDAQ: ENFA, ENFAU, ENFAW)) (the âCompanyâ) received today, May 28, 2021, a standard notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (âNasdaqâ ) indicating that the failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the âForm 10-Qâ), the company is not in compliance with Rule 5250 (c ) Nasdaq Registration (1) (the âRuleâ), which Rule requires the timely filing of all required periodic financial reports with the Securities and Exchange Commission (âSECâ).
The Nasdaq Notice has no immediate effect on the listing or trading of the Company’s securities on the Nasdaq Capital Market. Under Nasdaq listing rules, the company has 60 calendar days from the date of the notice to submit a plan to restore compliance. If the company files Form 10-Q before the date the plan is due to Nasdaq, the company believes it will regain compliance and will not need to submit a plan to Nasdaq. If the company submits a plan to the Nasdaq and the plan is accepted by the Nasdaq, the Nasdaq may allow the company up to 180 calendar days from the Form 10-Q due date to restore compliance.
On April 12, 2021, the staff (the âstaffâ) of the Corporate Finance Division of the SEC issued a statement entitled âStaff Statement on Accounting and Presentation Considerations for Warrants Issued by Companies Special Purpose Acquisition â(theâ Staff Declaration â)). The staff statement, among others, highlighted the potential accounting implications of certain conditions that are common in warrants issued in connection with initial public offerings of special purpose acquisition companies such as the Company. Due to the staff statement, the company needs more time to assess and review with Marcum LLP, its independent registered accounting firm, the company’s balance sheet as at January 14, 2021, the closing date of its initial public offering. savings and its statements for the three-month period ended March 31, 2021 and, as such, the company was unable to file Form 10-Q in a timely manner.
The company is working diligently to file its Form 10-Q as soon as possible and within the timeframe prescribed by the Nasdaq.
About 890 5e Avenue Partners, Inc.
890 5e Avenue Partners, Inc., a Delaware corporation, is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or a similar business combination with one or more businesses. The company’s management team is led by Emiliano Calemzuk, Chief Executive Officer, Michael Del Nin, Chief Operating Officer and Chief Financial Officer, and Adam Rothstein, Executive Chairman.
Some of the statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, those containing words as intended, continuing, intended, intends, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages which are relevant to anticipated future events, performance and actions or which can only be fully assessed by events which will occur in the future. Forward-looking statements contained in this press release include, but are not limited to, statements by the Company regarding its ability to file its Form 10-Q within the timeframes prescribed by the Nasdaq. There are many factors, risks and uncertainties that could cause actual results to differ materially from those expected or projected in forward-looking statements, including, but not limited to, the conclusions of the internal investigation by the audit committee of the board of directors of the company. , the related actions of the SEC, accountants and other third parties, the finalization of the Company’s financial statements and review of controls, and the factors, risks and uncertainties detailed from time to time in documents filed by the Company. company with the SEC.
SOURCE 890 5e Avenue Partners, Inc.