Kingswood Acquisition said it received notice from the NYSE that the SPAC no longer complies with listing requirements because it has not yet filed a 10-Q for the period ended March 31.
The SPAC said it was unable to file the report on time because it requires additional time to prepare and review its financial statements to ensure adequate disclosure.
The NYSE notice has no immediate effect on the listing of the company’s securities. Kingswood has until Nov. 24 to regain compliance, although the SPAC expects to file the report by June 12.
Kingswood raised $121.5 million in a December IPO to target the financial services sector for an acquisition. Read more.
