Revelstone Capital Acquisition Corp. Receives Notice from Nasdaq Regarding Delayed Quarterly Report
30 Maio 2023 - 1:28AM
Business Wire
Revelstone Capital Acquisition Corp. (the “Company”)
(NASDAQ: RCAC) today announced that it received a notice
(“Notice”) on May 24, 2023 from the Listing Qualifications
Department of The Nasdaq Stock Market (“Nasdaq”) stating that the
Company is not in compliance with Nasdaq Listing Rule 5250(c)(1)
(the “Listing Rule”) because the Company failed to timely
file its Quarterly Report on Form 10-Q for the period ended March
31, 2023 (the “10-Q”) with the Securities and Exchange
Commission (the “SEC”).
The Company filed its 10-Q on May 25, 2023, and will immediately
inform Nasdaq in order to regain compliance with the Listing
Rule.
The Notice has no immediate effect on the listing or trading of
the Company’s securities on the Nasdaq Global Market. The Notice
states that the Company has 60 calendar days from the date of the
Notice, or July 24, 2023, to submit a plan to regain compliance
with the Listing Rule. If Nasdaq accepts the Company’s plan to
regain compliance, then Nasdaq may grant the Company up to 180
calendar days from the prescribed due date of the Form 10-Q, or
November 20, 2023, to file the 10-Q to regain compliance.
As previously reported by the Company in its Notification of
Late Filing on Form 12b-25, filed with the SEC on May 16, 2023, the
Company was unable to timely file the 10-Q without unreasonable
effort or expense.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About Revelstone Capital Acquisition Corp.
Revelstone Capital Acquisition Corp. is a blank check company
whose business purpose is to effect a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses or
entities. The Company has not selected a business combination
target and has not, nor has anyone on its behalf, initiated any
substantive discussions, directly or indirectly, with any business
combination target, concentrating in the consumer, media and/or
technology sectors. The Company is led by its Co-Chief Executive
Officers, Morgan Callagy and Daniel Neukomm.
Important Cautions Regarding Forward-Looking
Statements
This press release contains forward-looking statements regarding
future events and our future results that are subject to the safe
harbor created under the Private Securities Litigation Reform Act
of 1995 and other safe harbors under the Securities Act of 1933, as
amended, and the Securities Exchange Act of 1934, as amended. Words
such as “anticipate”, “estimate”, “expect”, “project”, “plan”,
“intend”, “believe”, “may”, “might”, “will”, “should”, “can have”,
“likely” and similar expressions are used to identify
forward-looking statements. These forward-looking statements are
based on our current beliefs, assumptions and expectations
regarding future events, which in turn are based on information
currently available to us. By their nature, forward-looking
statements address matters that are subject to risks and
uncertainties. A variety of factors could cause actual events and
results to differ materially from those expressed in or
contemplated by the forward-looking statements. These factors
include, without limitation, our ability to respond in a timely and
satisfactory matter to the inquiries by Nasdaq, our ability to
regain compliance with Listing Rule, our ability to become current
with our reports with the SEC, and the risk that the completion and
filing of the Form 10-Q will take longer than expected. For
additional information about factors that could cause actual
results to differ materially from those described in the
forward-looking statements, please refer to our filings with the
SEC. Forward-looking statements represent management’s current
expectations and are inherently uncertain. Except to the extent
required by applicable law, we do not undertake any obligation to
update or revise forward-looking statements made by us to reflect
subsequent events or circumstances.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230526005296/en/
Morgan Callagy Co-Chief Executive Officer Revelstone Capital
Acquisition Corp 14350 Myford Road Irvine, CA 92606
morgan@revelstonecap.com (949)428-2888
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