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Houston, Texas, June 04, 2021 (GLOBE NEWSWIRE) – Industrial Tech Acquisitions, Inc. (NASDAQ: ITAC) (the “Company”) announced today that on May 28, 2021, the Company has received a notice (the “Notice”) from the Nasdaq Stock Listing Qualifications Department. Market (“Nasdaq”) due to the Company’s failure to file its quarterly report on Form 10-Q for the quarter ended March 31, 2021 (the “Form 10-Q”) on a timely basis. The notice informed the company that it was not in compliance with Nasdaq’s continuous listing requirements under the timely filing criteria set out in Nasdaq Listing Rule 5250 (c) (1). On June 4, 2021, the company filed its Form 10-Q and the company believes it is now in compliance with the Nasdaq listing rules.
As reported by the Company in its Form 12b-25 filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021, the Company was unable to file its Form 10-Q within the prescribed time frame. without unreasonable effort or expense. The extension period provided for in Rule 12b-25 expired on May 24, 2021. The Company was unable to meet the deadline for filing its Form 10-Q due to the Company’s conclusion that its outstanding warrants should be recorded as a liability and the scope and process of updating the financial statements of the Company accordingly.
No assurance can be given that the Company will be able to maintain compliance with the continuous listing requirements set out in the Nasdaq Listing Rules.
About Industrial Technology Acquisitions, Inc. (ITAC)
ITAC is a blank check company formed for the purpose of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with a or several companies or entities. ITAC is sponsored by Texas Ventures, a leading technology and venture capital firm with expertise in capital markets and structured finance. The firm provides advice, ideas and capital to help entrepreneurs and managers who have the desire and the talent to build great businesses. Texas Ventures’ approach is to identify emerging trends and opportunities before they are recognized by the wider market, and take a proactive approach by working with entrepreneurs and managers committed to building world-class businesses.
This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and the Section 21E of the Securities Act of 1933. Foreign Exchange Act of 1934, as amended. Statements regarding possible business combinations and their financing, and related matters, and all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, ” could ”,“ possible ”,“ potential ”,“ foresee ”,“ project ”,“ should ”,“ would ”and similar expressions, with respect to us or our management team, identify forward-looking statements. These forward-looking statements are based on the beliefs of management, as well as on the assumptions made by the management of the Company and on the information currently available to the latter. Actual results could differ materially from those contemplated by forward-looking statements due to certain factors detailed in documents filed by the Company with the SEC. All subsequent written or oral forward-looking statements attributable to us or to persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set out in the Risk Factors section of the Company’s registration statement and prospectus for the initial public offering. of the Company filed with the SEC. The Company assumes no obligation to update these statements for revisions or changes after the date of this posting, except as required by law.
Industrial Tech Acquisitions, Inc. Scott Crist (713) [email protected]
Source: Industrial Technology Acquisitions, Inc.