Merida Merger said it received notice of non-compliance from the Nasdaq Listing Qualifications Department for failure to file a 10-Q on time.
The SPAC has until July 27 either to file the statement or to submit a plan to regain compliance with the listing rule. Nasdaq has the discretion to extend the deadline another 180 days.
While the SPAC did not state the reason for the delay in filing a 10-Q, scores of blank-check companies have been scrambling to restate financials following the SEC’s statement in April that warrants should be treated as liabilities measured at fair value, not equity instruments as has long been accounting practice.
Merida raised $100 million in a November 2019 IPO to target a business in the cannabis industry. Read more.
