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E.MERGE TECHNOLOGY ACQUISITION CORP.

(ETAC)
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E.MERGE TECHNOLOGY 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)

06/04/2021 | 04:47pm EST

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

As previously disclosed in the Form 12b-25 filed on May 17, 2021 by E.Merge Technology Acquisition Corp., on April 12, 2021, the staff (the "Staff") of the Division of Corporation Finance of the Securities and Exchange Commission (the "SEC") issued a statement entitled "Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies" (the "Staff Statement"). The Staff Statement, among other things, highlighted the potential accounting implications of certain terms that are common in warrants issued in connection with the initial public offerings of special purpose acquisition companies such as the Company. As a result of the Staff Statement, the Company required additional time to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the "Form 10-Q").

On May 28, 2021, the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") (the "Notice") stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") because it has not timely filed the Form 10-Q with the SEC. The Rule requires listed companies to timely file all required periodic financial reports with the SEC. The Notice has no immediate effect on the listing or trading of the Company's securities. However, if the Company fails to timely regain compliance with the Rule, the Company's securities will be subject to delisting from Nasdaq.

Under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice (May 28, 2021), or until July 27, 2021, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-Q (May 24, 2021), or until November 22, 2021, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company's plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.

As noted above, the Company is working diligently to complete its Form 10-Q. The Company intends to file the Form 10-Q as soon as practicable to regain compliance with the Nasdaq Listing Rule.


Item 8.01. Other Events.


On June 4, 2021, the Company issued a press release announcing its receipt of the Notice. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits




(d) Exhibits



Exhibit
Number    Title
99.1        Press Release, dated June 4, 2021




                                       1

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Financials (USD)
Sales 2020 - - -
Net income 2020 -8,52 M - -
Net cash 2020 0,95 M - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 750 M 750 M -
EV / Sales 2019
EV / Sales 2020 -
Nbr of Employees -
Free-Float 80,3%
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Jeff J. Clarke Co-CEO, CFO, Secretary & Director
Guy Gecht Co-Chief Executive Officer
Sudhir Steven Singh Chairman
Shuo Zhang Independent Director
David T. ibnAle Independent Director
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