Greencity Acquisition said it has regained compliance with Nasdaq listing requirements after filing a late Form 10-Q for the period ending March 31.
The SPAC was among scores of blank-check companies that did not file timely financial disclosures in the spring. Some delays were due to the SEC’s declaration on new accounting for warrants.
Greencity in an 8-K filing last week said it had hired Friedman as its accounting firm — replacing Marcum. That move followed Marcum’s statement in an earlier financial report in which the accounting firm “expressed substantial doubt about (Greencity’s) ability to continue as a going concern.”
The SPAC late last month said its sponsor, Cynthia Management, had deposited $133,334 — representing $0.033 per public share — into the SPAC’s trust to extend the deadline for completing a business combination by one month to Aug. 28. Greencity trades on the Nasdaq under GRCY.
The sponsor plans to extend the deadline up to eight additional times as necessary, each by one month, up to April 28, 2022, by depositing an additional $1,066,666 into the SPAC’s trust account, representing an additional $0.267 per share. Read more.
