MIAMI, FL / ACCESSWIRE / August 24, 2023 / Digital World Acquisition Corp. (Nasdaq:DWAC) (the “Company“) announced this day that it obtained an anticipated letter from the List Qualifications Division of The Nasdaq Stock Market LLC (“Nasdaq“) pointing out that the Company is no longer in compliance with Nasdaq List Rule 5250(c)(1) (the “Rule“) because it has no longer yet filed its Quarterly File on Affect 10-Q for the interval ended June 30, 2023 (the “2nd Quarter Affect 10-Q“) with the Securities and Alternate Commission (the “SEC“). The Rule requires listed companies to successfully timed file all required periodic financial reviews with the SEC.
As previously disclosed, the Company had obtained a scrutinize from Nasdaq on Would possibly well additionally simply 23, 2023 relating to the Company’s failure to successfully timed file its quarterly document on Affect 10-Q for the quarter ended March 31, 2022 (the “First Quarter 10-Q“). Pursuant to Nasdaq principles, on July 24, 2023, the Company submitted to Nasdaq its plan to win compliance with the Rule and on August 7, 2023, the Nasdaq Workers (the “Workers“) granted the Company an exception until November 20, 2023 to file its First Quarter Affect 10-Q. The phrases of the exception required the Company to file its amended Annual File on Affect 10-Okay for the year ended December 31, 2022 and its First Quarter 10-Q, as required by the Rule.
On memoir of this extra delinquency (i) any extra Workers exception to enable the Company to win compliance with all delinquent filings, collectively with, nonetheless no longer restricted to the 2nd Quarter 10-Q, can be restricted to a maximum of 180 calendar days from the due date of the First Quarter 10-Q, or November 20, 2023 and (ii) the Company must post an update to its long-established plan to win compliance with admire to the submitting requirement by no later than September 5, 2023. The Company expects and intends to post to Nasdaq an updated compliance plan by or forward of September 5, 2023. There can be no assurance that Nasdaq will settle for the Company’s updated plan to win compliance or that the Company can be in a residing to win compliance inside of the extension interval granted by Nasdaq. If Nasdaq would no longer settle for the Company’s updated plan, the Company can salvage the opportunity to appeal that resolution to a Hearings Panel pursuant to appropriate Nasdaq principles.
The Company is continuous to work diligently to finalize and file its dreary periodic financial reviews as soon as seemingly inside of the timeline prescribed by Nasdaq.
“We are grateful to be working with our novel auditors and to salvage their consideration required to post such extreme filings with accuracy. We no longer sleep for gaining compliance as like a flash as seemingly,” said Eric Swider, CEO of the Company.
The Nasdaq scrutinize has no instantaneous impact on the checklist or trading of the Company’s securities on the Nasdaq Stock Market. If the Company fails to successfully timed win compliance with Nasdaq’s checklist principles, the securities of the Company can be topic to delisting from Nasdaq.
This press commence contains particular forward-having a see statements inside of the which arrangement of the federal securities laws with admire to the Company’s skill to pause the submitting of its dreary periodic financial reviews inside of the interval prescribed by Nasdaq. These forward-having a see statements usually are identified by the phrases “imagine,” “mission,” “quiz,” “await,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “might perchance possibly,” “can salvage to serene,” “will,” “would,” “can be,” “will continue,” “will seemingly consequence” and an identical expressions, nonetheless the absence of these phrases would no longer mean that a commentary is no longer forward-having a see. Forward-having a see statements are predictions, projections and other statements about future events that are in step with present expectations and assumptions and, due to this, are topic to dangers and uncertainties.
Many factors might perchance possibly perchance cause real future events to range materially from the forward-having a see statements in this press commence, collectively with nonetheless no longer restricted to dangers linked to our auditor’s skill to successfully timed total their audits or critiques, as appropriate, or the risk of unanticipated delays that can pause the submitting of the dreary periodic financial reviews inside of the dispensed extension interval prescribed by Nasdaq, the attainable incapacity to file an updated plan to win compliance in a successfully timed formula, the threat that the Company might perchance possibly no longer reply adequately to extra inquiries from Nasdaq, and the threat that Nasdaq is no longer going to settle for any plan to win compliance and can delist the Company’s securities. That you just can salvage to serene carefully salvage in thoughts the foregoing factors and the opposite dangers and uncertainties that described in the “Trouble Components” a part of DWAC’s Annual File on Affect 10-Okay for the year ended December 31, 2022, as filed with the SEC on April 26, 2023 (the “2022 Annual File“) and in other reviews DWAC files with the SEC. That you just can salvage to serene no longer diagram undue reliance on any forward-having a see statements, which would be based entirely mostly finest on records for the time being on hand to DWAC and discuss finest as of the date of this press commence. The Company undertakes no responsibility to revise or update any forward-having a see statements to copy events or conditions after the date of this press commence, moreover as required by appropriate laws or rules.
Investor Members of the family:
Name: Alex Cano
Electronic mail: [email protected]
SOURCE: Digital World Acquisition Corp.