Bridgetown Holdings Ltd. Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q
03 Junho 2021 - 5:05PM
Bridgetown Holdings Ltd. (NASDAQ: BTWNU) (the “Company”) today
announced that it has received a notice (“Notice”) from the Listing
Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) as
a result of its failure to file its Quarterly Report on Form 10-Q
for the quarter ended March 31, 2021 (the "Form 10-Q") in a timely
fashion. The Notice advised the Company that it was not in
compliance with Nasdaq’s continued listing requirements under the
timely filing criteria established in Nasdaq Listing Rule
5250(c)(1).
As reported by the Company in its Form 12b-25 filed with the
Securities and Exchange Commission (the “SEC”) on May 17, 2021, on
April 12, 2021, the staff of the Division of Corporation Finance of
the Securities Exchange Commission issued a statement entitled
“Staff Statement on Accounting and Reporting Considerations for
Warrants Issued by Special Purpose Acquisition Companies” (the
“Staff Statement”). As a result of the Staff Statement, the Company
was unable to meet the filing deadline for its Form 10-Q due to the
Company’s conclusion that its outstanding warrants should be
accounted for as a liability and the resulting scope and process
for updating the Company’s financial statements accordingly. The
extension period provided under Rule 12b-25 expired on May 24,
2021.
Nasdaq has informed the Company that, under Nasdaq rules, the
Company will have 60 calendar days from the date of the Notice (May
28, 2021), or until July 27, 2021, to submit a plan to regain
compliance with the Nasdaq rules. The Company can regain compliance
with Nasdaq listing standards during this sixty-day period when the
Company files its Form 10-Q with the SEC. If Nasdaq accepts the
Company's plan, then Nasdaq may grant an exception of up to 180
calendar days from the due date of the Form 10-Q (May 24, 2021), or
until November 22, 2021, to regain compliance. If Nasdaq
does not accept the Company’s plan, then the Company will have the
opportunity to appeal that decision to a Nasdaq hearings
panel.
As noted above, the Company is working diligently to complete
its Form 10-Q. The Company intends to file the Form 10-Q as soon as
practicable to regain compliance with the Nasdaq Listing Rules.
No assurance can be given that the Company will be able to
regain compliance with the aforementioned listing requirement or
maintain compliance with the other continued listing requirements
set forth in the Nasdaq Listing Rules.
About Bridgetown Holdings Limited
Bridgetown Holdings Limited is a blank check company organized
for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization, or
other similar business combination with one or more businesses or
entities. The Company intends to focus on a target with operations
or prospective operations in the technology, financial services, or
media sectors in Southeast Asia. The Company is led by Chief
Executive Officer and Chief Financial Officer, Daniel Wong, and
Chairman Matt Danzeisen.
Forward-Looking Statements
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 Section 21E of the
Securities Exchange Act of 1934, as amended. Statements regarding
possible business combinations and the financing thereof, and
related matters, as well as 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,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and similar
expressions, as they relate to us or our management team, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of management, as well as assumptions made by,
and information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the Securities and Exchange
Commission (“SEC”). All subsequent written or oral forward-looking
statements attributable to us or 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 forth in the
Risk Factors section of the Company’s registration statement and
prospectus for the Company’s initial public offering filed with the
SEC. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
Contact:
Pansy Poon+852-6609-8565Pansy.yt.poon@pcg-group.com
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