Brilliant Acquisition Corporation: New SEC Guidance Relating to SPAC Warrants, Its Effect on the Company’s Periodic Filings...
20 4월 2021 - 7:00AM
Brilliant Acquisition Corporation (the “Company”) announced today
that, as the result of the U.S. Securities and Exchange
Commission’s (“SEC’s”) recent guidance, released on April 12, 2021
relating to the accounting treatment of certain warrants issued in
connection with special purpose acquisition company (“SPAC”)
issuers, that the Company is conducting an analysis of the effect
of the SEC’s guidance (if any) on the accounting treatment of its
warrants. The Company’s conclusion as to the proper accounting
treatment of its warrants (and corrective disclosures, if any) must
be approved by its auditor, Marcum LLP (“Marcum”) before the
Company can obtain Marcum’s consent to file its annual report on
Form-10K for the fiscal year ending 2020 (“Form-10K”).
The Company is currently conducting this analysis and, as such,
is unable to timely file its Form-10K until the assessment, and any
modifications or restatements of the Company’s periodic reports,
should any be necessary, are complete and accepted by Marcum. The
Company notified Nasdaq of this requirement, and the resultant
effect of delay on the filing of its Form 10-K. The Company
received notice from Nasdaq on April 15, 2021 that it will have
until June 14, 2021 to submit a plan to comply with its obligation
to timely file periodic reports pursuant to Nasdaq listing rule
5250(c)(1) and that it is currently not compliant with that rule on
the basis of its inability to timely file its Form-10K, which it
expected to be filed on or prior to its due date of April 15,
2021.
While the Company has already started its
assessment of the relevant warrant provisions as described above,
it also intends to promptly file a plan of compliance with Nasdaq
and to complete the assessment of its warrants and filing of its
Form-10K as soon as practicable.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
Forward Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward- looking
statements are subject to risks and uncertainties, which could
cause actual results to differ from the forward looking statements.
The Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Contact:
Dr. Peng JiangChief Executive OfficerBrilliant Acquisition
Corporation+ (86) 021-80125497
Brilliant Axquisition (NASDAQ:BRLIR)
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