NEW YORK, June 1, 2021 /PRNewswire/ -- InterPrivate II
Acquisition Corp. (NYSE: IPVA) (the "Company") today announced
that it received a notice from the New York Stock Exchange (the
"NYSE") indicating that the Company is not in compliance with
Section 802.01E of the NYSE Listed Company Manual as a result of
its failure to timely file its Quarterly Report on Form 10-Q for
the quarter ended March 31, 2021 (the
"Q1 2021 Form 10-Q") with the Securities and Exchange Commission
(the "SEC"). The notice has no immediate effect on the listing of
the Company's stock on the NYSE.
The NYSE informed the Company that, under the NYSE's rules, the
Company can regain compliance with the NYSE's continued listing
requirements by filing the Q1 2021 Form 10-Q with the SEC at any
time prior to November 24, 2021.
As the Company reported in its Form 12b-25 filed with the SEC on
May 18, 2021, the Company is
currently determining the extent to which the April 12, 2021 statement released by the Staff of
the SEC (the "Statement") relating to the accounting and reporting
considerations for warrants issued by special purpose acquisition
companies ("SPACs") will impact its financial statements as of and
for the fiscal quarter ended March 31,
2021, which will be included in the Q1 2021 Form 10-Q.
The immediacy of the effective date of 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 Form 10-Q with the SEC by the prescribed
deadline. The Company is working diligently to complete the Q1 2021
Form 10-Q and expects to file such report in advance of the
deadline and thereby regain compliance with the NYSE continued
listing requirements.
Cautionary Note Concerning Forward-Looking
Statements
This press release contains certain forward-looking statements,
including without limitation the Company's current expectations and
intentions with respect to the filing of its Q1 2021 Form 10-Q.
These forward-looking statements, which are included in accordance
with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, may involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results and performance in future periods to be materially
different from any future results or performance suggested by the
forward-looking statements in this press release. Although the
Company believes such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that actual
results will not differ materially from these expectations,
including the length of time that may be required for the Company
to complete its procedures and file the Q1 2021 Form 10-Q, and the
Company disclaims any duty to update any forward-looking statements
made by the Company. From time to time, these risks, uncertainties
and other factors are discussed in the Company's filings with the
SEC.
Press Contact
Charlotte Luer, Marketing
cluer@interprivate.com
+1 212 634 0826
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SOURCE InterPrivate II Acquisition Corp.