KINS Technology Group, Inc. Receives Expected Notice from Nasdaq Regarding Delayed Filing of Quarterly Report
04 Junho 2021 - 6:30PM
On April 12, 2021, the Acting Director of the Division of
Corporation Finance and Acting Chief Accountant of the U.S.
Securities and Exchange Commission (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 (‘SPACs’)”
(the “SEC Staff Statement”). As previously disclosed, given the
scope of the process for determining the appropriate accounting
treatment of its outstanding warrants in accordance with the SEC
Staff Statement and Accounting Standards Codification (“ASC”)
815-40, Derivatives and Hedging: Contracts in an Entities Own
Equity, KINS Technology Group, Inc. (the "Company") was unable to
complete and file its Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2021 (the “Form 10-Q”) by the required due
date without unreasonable effort and expense.
On May 28, 2021, the Company received a notice (the “Notice”)
from the Listing Qualifications Department of The Nasdaq Stock
Market LLC (the “Exchange”) indicating that, as a result of not
having timely filed the Form 10-Q with the SEC, the Company is not
in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing
Rule”). The Listing Rule requires listed companies to timely file
all required periodic reports with the SEC.
The Notice indicated that the Company can regain compliance with
the Exchange’s listing standards at any time prior to July 27, 2021
by filing the Form 10-Q. If the Company fails to file the Form 10-Q
by such date, the Company may submit a plan to regain compliance
with the Listing Rule prior to such date and, following receipt of
such plan, the Exchange may grant, at its sole discretion, an
extension for the Company to regain compliance, depending on the
specific circumstances. The Notice also stated that the Exchange
may nevertheless commence delisting proceedings at any time if it
deems that the circumstances warrant.
While the Company can provide no assurances as to timing, the
Company plans to file the Form 10-Q as soon as practicably
possible, and no later than July 27, 2021, and regaining compliance
with the Listing Rule.
Forward-Looking Statements
This press release includes “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, including relating to the filing of the
10-Q, 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 the
Company or its 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 the
Company or persons acting on its 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 Annual Report on Form 10-K, as it may be amended,
filed with the SEC. Copies of such filings are available on the
SEC’s website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Contacts
KINS Technology Group Inc.
Khurram P. Sheikh
Chairman & Chief Executive Officer
khurram@kins-tech.com
KINS Technology (NASDAQ:KINZU)
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