WASHINGTON, June 2, 2021 /PRNewswire/ -- Supernova Partners
Acquisition Company III, Ltd. (NYSE: STRE) (the "Company," "us" or
"our") announced today that, on May 25,
2021, it received a notice ("Notice") from the New York
Stock Exchange (the "NYSE") indicating that it is not in compliance
with NYSE continued listing requirements under the timely filing
criteria established in Section 802.01E of the NYSE Listed Company
Manual as a result of its failure to timely file the Form 10-Q for
the fiscal quarter ended March 31,
2021 (the "Form 10-Q"). The Rule requires listed companies
to timely file all required periodic financial reports with the
Securities and Exchange Commission (the "SEC"). The Notice has no
immediate effect on the listing or trading of the Company's
securities on the NYSE.
On April 12, 2021, the Acting
Director of the Division of Corporation Finance and Acting Chief
Accountant of the SEC 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
result of the SEC Statement, the Company's management reevaluated
the accounting treatment of (i) the redeemable warrants that were
included in the units issued by the Company in its initial public
offering and (ii) the redeemable warrants that were issued in a
private placement (collectively, the "Warrants"). As reported by
the Company in its Form 12b-25 filed with the SEC on May 14, 2021, given the scope of the process for
evaluating the impact of the SEC Statement on the Company's
financial statements, the Company was unable to file the Form 10-Q
within the prescribed time period without unreasonable effort or
expense. Since receiving the non-compliance notice, the
Company continues to work with its independent accounting firm in
order to file the Form 10-Q as expeditiously as practicable. The
Company is in compliance with all other NYSE continued listing
requirements.
Forward-Looking Statements
This press release 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. All 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,"
"estimate," "expect," "intend" 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 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 relating to 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.
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SOURCE Supernova Partners Acquisition Company III, Ltd.