BROADSTONE ACQUISITION CORP. : Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Other Events, Financial Statements and Exhibits (form 8-K)

June 01, 2021 at 04:34 pm EDT

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission ("SEC") together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies ("SPACs") entitled "Staff Statement on Accounting and Reporting Considerations for Warrants Issued by SPACs" (the "Statement"). The Statement reflects the SEC staff's view that certain terms and conditions that are common to warrants issued by SPACs, such as Broadstone Acquisition Corp. (the "Company"), may require such warrants to be classified as liabilities rather than as components of equity on their financial statements.

On May 25, 2021, Company received notice from the New York Stock Exchange (the "Exchange") that the Company is not in compliance with the Exchange's continued listing standards as set forth in Section 802.01E of the NYSE Listed Company Manual (the "Company Manual") given the Company failed to timely file (the "Filing Delinquency") its Form 10-Q for the period ended March 31, 2021 (the "Report"). The delinquency will be cured via the filing of the Report.

The Company previously filed a Form 12b-25 with the Securities and Exchange Commission on May 17, 2021, to extend the due date for the filing of the Report. The Form 12b-25 disclosed that the Report was unable to be filed on time due to delays in assembling the financial information required to be reviewed by the Company's independent auditor, and in completing the accounting of certain liabilities affecting the Company. Such further delay in filing the Report past the deadline set forth in the Form 12b-25 is due to issues that have arisen in connection with the Statement. The Company is taking steps to complete the required accounting and plans to file the Report as soon as practicable.

During the six-month period from the date of the Filing Delinquency (the "Initial Cure Period"), the Exchange will monitor the Company and the status of the Report and any subsequent delayed filings, until the Filing Delinquency is cured. If the Company fails to cure the Filing Delinquency within the Initial Cure Period, the Exchange may, in the Exchange's sole discretion, allow the Company's securities to be traded for up to an additional six-month period (the "Additional Cure Period") depending on the Company's specific circumstances. If the Exchange determines an Additional Cure Period is not appropriate, suspension and delisting procedures will commence pursuant to Section 804.00 of the Manual. If the Exchange determines that an Additional Cure Period of up to six months is appropriate and the Company fails to file its Delinquent Report and any subsequent delayed filings by the end of that period, suspension and delisting procedures will generally commence.

The Company is committed to filing the Report to achieve compliance with the Exchange's requirements, and, although there are no guarantees it will do so, the Company expects to file the Report within the Initial Cure Period.




Item 8.01. Other Events.

On June 1, 2021, in accordance with the Exchange's procedures, the Company issued a press release discussing the matters disclosed in Item 3.01 above. A copy of the press release is included herewith as Exhibit 99.1, which is incorporated by reference into this Item 8.01.

Item 9.01. Financial Statements and Exhibits.





(d) Exhibits.



Exhibit
Number     Description of Exhibit
  99.1       Press Release dated June 1, 2021

Vertical Aerospace Group to Begin Trading on the NYSE Thursday	21-12-16	MT
Vertical Aerospace Ltd completed the acquisition of Broadstone Acquisition Corp. from a group of shareholders in a reverse merger transaction.	21-12-15	CI
Vertical Aerospace Ltd completed the acquisition of Broadstone Acquisition Corp. from a group of shareholders in a reverse merger transaction.	21-12-14	CI
Broadstone Acquisition Corp. Announces Resignation of Edward Hawkes as Director	21-12-02	CI
Broadstone Acquisition Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021	21-11-15	CI
Israeli startup AIR unveils flying vehicle to be used 'like cars'	21-10-19	RE
Broadstone Acquisition : Vertical Aerospace Names Harry Holt COO	21-10-05	MT
Broadstone Acquisition : Vertical Aerospace Receives Pre-Oorder Option for up to 200 eVTOL Aircraft From Marubeni	21-09-22	MT
Broadstone Acquisition Corp. Reports Earnings Results for the Second Quarter Ended June 30, 2021	21-08-13	CI
Embraer S A : Brazil's Embraer and Kenya Airways agree to study flying taxis	21-08-11	RE
Broadstone Acquisition : UK's Vertical Aerospace to Go Public in $2.2 Billion SPAC Deal With Broadstone Acquisition	21-06-11	MT
Honeywell International : Vertical Aerospace Confirms $2.2 Billion Merger with SPAC Broadstone to List in New York	21-06-10	MT
Vertical Aerospace to Go Public in $2.2 Billion SPAC Deal	21-06-10	CI
Broadstone Acquisition Corp. Reports Earnings Results for the First Quarter Ended March 31, 2021	21-06-10	CI
Vertical Aerospace Ltd entered into a definitive agreement to acquire Broadstone Acquisition Corp. from a group of shareholders in a reverse merger transaction for $1.7 billion.	21-06-09	CI
Market Chatter: UK's Vertical Aerospace Mulls US Listing Via $2 Billion SPAC Merger	21-06-09	MT
Certain Class B Ordinary Shares of Broadstone Acquisition Corp. are subject to a Lock-Up Agreement Ending on 9-MAR-2021.	21-03-08	CI
Broadstone Acquisition to Seek Acquisitions	20-09-11	CI
Broadstone Acquisition Corp. has completed an IPO in the amount of $300 million.	20-09-10	CI
Broadstone Acquisition Corp. announced that it has received $8 million in funding from Broadstone Sponsor LLP	20-09-09	CI
Broadstone Acquisition Corp. has filed an IPO in the amount of $300 million.	20-08-13	CI
Broadstone Acquisition Corp. announced that it expects to receive $8 million in funding from Broadstone Sponsor LLP	20-08-12	CI

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BROADSTONE ACQUISITION CORP. : Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Other Events, Financial Statements and Exhibits (form 8-K)

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