Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On May 25, 2021, Executive Network Partnering Corp. (the "Company") received a
notice from the New York Stock Exchange (the "NYSE") indicating that it is not
in compliance with NYSE continued listing requirements under the timely filing
criteria established in Section 802.01E of the NYSE Listed Company Manual as a
result of its failure to timely file the Form 10-Q for the fiscal quarter ended
March 31, 2021 (the "Form 10-Q").
On April 12, 2021, the staff of the Securities and Exchange Commission ("SEC")
issued a public statement entitled "Staff Statement on Accounting and Reporting
Considerations for Warrants Issued by Special Purpose Acquisition Companies
("SPACs")" (the "Statement'), which clarified guidance for all SPAC-related
companies regarding the accounting and reporting for their warrants. The
immediacy of the effective date of the new guidance set forth in the Statement
has resulted in a significant number of SPACs re-evaluating the accounting
treatment for their warrants with their professional advisors, including
auditors and other advisors responsible for assisting SPACs in the preparation
of financial statements. This, in turn, has resulted in the Company's delay in
preparing and finalizing its financial statements as of and for the quarter
ended March 31, 2021 and filing its Form 10-Q with the SEC by the prescribed
deadline.
Under the NYSE's rules, the Company has six months following receipt of the
notification of non-compliance to file the Form 10-Q with the SEC and can regain
compliance with the NYSE listing standards before that deadline. The Company
filed the Form 10-Q with the SEC on June 1, 2021.
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