Accelerate Acquisition announced that it received a formal notice of non-compliance from the NYSE relating to the SPAC’s failure to file its quarterly report in a timely manner for the period ended March 31. The SPAC said the filing delay was due to the decision to undertake new accounting for warrants as liabilities, in keeping with the SEC’s staff statement last month that the instruments should not be treated as equity. Accelerate said it received a non-compliance notice from the NYSE on May 25 and filed the 10-Q the next day.
Accelerate raised $400 million in a March IPO. The SPAC has said it will target the industrial, transportation & mobility, consumer and retail sectors for a business combination. Read more.
