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 November 16, 2021 by Warrior
Technologies Acquisition Company (the "Company") with the Securities Exchange
Commission (the "SEC"), in light of recent guidance, the management of the
Company has re-evaluated the Company's application of ASC 480-10-S99-3A to its
accounting classification of the redeemable shares of Class A common stock, par
value $0.0001 per share (the "Public Shares"), issued as part of the units sold
in the Company's initial public offering on March 2, 2021. Historically, a
portion of the Public Shares was classified as permanent equity to maintain net
tangible assets greater than $5,000,000 on the basis that the Company will
consummate its initial business combination only if the Company has net tangible
assets of at least $5,000,001. Pursuant to such re-evaluation, the Company's
management has determined that the Public Shares include certain provisions that
require classification of the Public Shares as temporary equity regardless of
the minimum net tangible assets required to complete the Company's initial
business combination.
In connection with the foregoing, on November 23, 2021, the Company received a
notice (the "Notice") from the New York Stock Exchange (the "NYSE") stating that
the Company 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 (the "Rule") as a result of its failure to timely file the
Quarterly Report on Form 10-Q for fiscal quarter ended September 30, 2021 (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.
Under NYSE, the Company has six months from the due date of the Form 10-Q, or
until May 22, 2022, to regain compliance. The Company filed the Form 10-Q on
November 24, 2021.
As required by NYSE rules, on November 24, 2021, the Company issued a press
release regarding the matters described in this Item 3.01. A copy of the press
release is included as Exhibit 99.1 to this current report and incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. Description of Exhibits
99.1 Press Release dated November 24, 2021
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