Mountain & Co. I Acquisition said it was notified by the Nasdaq of a listing deficiency for failing to file a form 10-Q on time for the period ended March 31.
The SPAC has 60 days from the date of the notice to submit either the report or a plan to regain compliance with the periodic filing rule. The company said intends to file its Form 10-Q prior to the expiration of the 60-calendar day period. If it is unable to file the report by the Nasdaq’s deadline, the company intends to submit a compliance plan, which if accepted will give the SPAC until Nov. 18 to regain compliance.
Mountain & Co. I Acquisition has a deal pending with Barça Media, a division of Spanish soccer club FC Barcelona (FCB).
The deal was announced last year with terms calling for a minimum of €50 million to close, later reduced to €40 million. The SPAC presently has more than twice the minimum cash needed to close.
FC Barcelona would keep an 80% stake in Barca Media, while the SPAC would own the remaining 20%.
Barça Media centralizes the creation, production and commercialization of FC Barcelona’s audiovisual, digital and esports output. The business incorporates substantially all of the digital content the club has produced over the past 20 years. Read more.
