Pine Island Acquisition Corp. Announces Receipt of NYSE Continuation Notice Regarding Impact of Recent SEC Guidelines on Warrants Accounting | Business
FORT LAUDERDALE, Fla .– (BUSINESS WIRE) – May 28, 2021 –
Pine Island Acquisition Corp. (the “Company”) announced today that it has received a notice of non-compliance from the New York Stock Exchange (the “NYSE”) regarding the Company’s delay in filing its quarterly report on Form 10-Q for the quarter. ended March 31, 2021, as it seeks to comply with recently issued guidance from the Securities and Exchange Commission (âSECâ) regarding the accounting treatment of warrants. This NYSE notice has no effect on the listing of the Company’s securities on the NYSE. Given the scope of the valuation process for calculating the fair value of warrant liabilities described below in accordance with the SEC staff statement, the company is unable to file the form 10-Q of the first quarter of 2021 before the completion of this process. The company continues to work diligently to complete the Q1 2021 Form 10-Q as soon as possible.
On April 12, 2021, SEC staff released a public statement titled “Staff Statement on Accounting and Presentation Considerations for Warrants Issued by Special Purpose Acquisition Companies” (“SPAC”) (the âSEC Staff Statementâ), which clarified guidance for all PSPCs regarding the accounting and reporting of their warrants. The immediacy of the effective date of the new guidelines set out in the SEC staff statement has led a significant number of PSPCs to re-evaluate the accounting treatment of their warrants with their professional advisors, including auditors and other advisers responsible for assisting PSPCs in the preparation of financial statements. The company concluded that, based on the statement from SEC staff, its warrants should be classified as liabilities measured at fair value, with subsequent changes in fair value being recorded in the income statement. the company each reporting period.
The NYSE has informed the company that under NYSE rules, the company will have six months from May 25, 2021 to file Q1 2021 Form 10-Q with the SEC. The company can comply with the NYSE listing standards at any time before that date by filing its Form 10-Q for the first quarter of 2021. If the company does not file the 10-Q for the first quarter of 2021 by the NYSE compliance deadline, the NYSE may grant, in its sole discretion, an extension of up to an additional six months for the company to regain compliance, depending on the specific circumstances.
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 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. Company filed with the SEC, and reports filed with the SEC, as amended from time to time. Copies of these documents are available on the SEC’s website at www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this posting, except as required by law.
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CONTACT: Ashe Reardon
KEYWORD: FLORIDA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES AEROSPACE MANUFACTURING FINANCE
SOURCE: Pine Island Acquisition Corp.
Copyright Business Wire 2021.
PUB: 05/28/2021 4:50 p.m. / DISC: 05/28/2021 4:52 p.m.
Copyright Business Wire 2021.