Notification That Quarterly Report Will Be Submitted Late (nt 10-q)
18 Maio 2021 - 7:02AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number 001-39932
(Check One): ☐Form 10-K ☐
Form 20-F ☐ Form 11-K ☒ Form 10-Q ☐ Form 10-D ☐ Form N-SAR ☐ Form N-CSR
For Period Ended: March 31, 2021
☐ Transition Report on Form 10-K
☐ Transition Report on Form 20-F
☐ Transition Report on Form 11-K
☐ Transition Report on Form 10-K
☐ Transition Report on Form N-SAR
For the Transition Period Ended: _____________________________________
Read Instructions (on back page) Before Preparing
Form. Please Print or Type.
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY
THAT THE COMMISSION HAS VERIFIED ANY INFORMATION CONTAINED HEREIN.
If the notification relates to a portion of the
filing checked above, identify the Item(s) to which the notification relates:
PART I -- REGISTRANT INFORMATION
Full name of Registrant:
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Bridgetown 2
Holdings Limited
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Former Name, if Applicable
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N/A
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Address of principal executive office:
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c/o 38/F Champion Tower
3 Garden Road, Central
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City State and ZIP Code:
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Hong Kong
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PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without
unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed (Check box
if appropriate)
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(a)
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The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
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☒
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(b)
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The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
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(c)
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The accountant's statement or other exhibit required by Rule 12(b)-25(c) has been attached if applicable.
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PART III -- NARRATIVE
State below in reasonable detail the reasons why
the Form 10-Q could not be filed within the prescribed time period.
Bridgetown 2 Holdings Limited (the “Company”)
has determined that it is unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2021 (the “Q1 2021 Form 10-Q”) by the prescribed due date for the reasons described below.
On April 12, 2021, the Acting Director of the Division of Corporation
Finance and Acting Chief Accountant of the Securities and Exchange Commission together issued a statement regarding the accounting and
reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and
Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies” (the “SEC Statement”).
As a result of the SEC Statement, the Company’s management reevaluated the accounting treatment of the 12,960,000 warrants
that were issued in a private placement (the “Warrants”) in accordance with Accounting Standards Codification
(“ASC”) 815-40, Derivatives and Hedging: Contracts in an Entities Own Equity. ASC 815-40 states entities must
consider whether to classify contracts that may be settled in its own stock, such as warrants, as equity of the entity or as an asset
or liability. The Company previously accounted for the Warrants as components of equity.
After consideration of the guidance in the SEC Statement, the Company
concluded that the Warrants should be accounted for as a liability and measured at fair value with changes in fair value each period reported
in the Company’s statement of operations. The Company is in the process of completing its final analysis of this change; however,
the impact is not expected to be material to the Company’s previously filed financial statements. The Company expects to reflect
this revision as a correction of an immaterial error in the Company’s financial statements as of and for the three month period
ended March 31, 2021.
The Company is working diligently to complete the Q1 2021 Form 10-Q
as soon as possible; however, given the scope of the process for determining the appropriate treatment of the Warrants in accordance with
the SEC Statement and ASC 815-40, the Company is unable to complete and file the Q1 2021 Form 10-Q by the required due date of May 17,
2021 without unreasonable effort and expense. The Company does, however, expect to file such report within five calendar days thereof.
PART IV --OTHER INFORMATION
(1) Name and telephone number of person to contact
in regard to this notification:
Daniel Wong
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+852 2514 8888
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Name
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Telephone Number
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(2) Have all other periodic reports required under
Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12
months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
☒ Yes ☐ No
(3) Is it anticipated that any significant change
in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included
in the subject report or portion thereof?
☐Yes ☒
No
If so, attach an explanation of the anticipated
change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be
made.
Disclosures About Forward-Looking Statements
This Current Report on Form 12b-25 contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995 and such statements are intended to be covered by the safe
harbor provided by the same. These statements are based on the current beliefs and expectations of the Company’s management and
are subject to significant risks and uncertainties. The above statements regarding the correction of the immaterial errors in the Company’s
unissued financial statements related to the accounting treatment of the Warrants, as well as the effect of the revision on any subsequent
periodic SEC filings, constitute forward-looking statements that are based on the Company’s current expectations. Because these
forward-looking statements involve risks and uncertainties, there are important factors that could cause future events to differ materially
from those in the forward-looking statements, many of which are outside of the Company’s control. These factors include, but are
not limited to, a variety of risk factors affecting the Company’s business and prospects, see “Risk Factors” in the
Company’s annual, quarterly reports and subsequent reports filed with the SEC, as amended from time to time. The Company does not
undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the
forward-looking statements.
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Bridgetown
2 Holdings Limited
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(Name of Registrant as Specified in Charter)
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has caused this notification to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: May 17, 2021
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/s/ Daniel Wong
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Daniel Wong
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Chief Executive Officer
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