Management of Gores Holdings VI, VII and VIII, and Gores Metropoulos II said the blank-check companies had all received notice from the Nasdaq’s Listing Department warning about failure to file timely 10-Q reports. The notices were expected, management said.
The filings have been delayed, management said, to reevaluate the accounting treatment for each SPAC’s warrants. This follows the SEC’s statement last month that warrants should be accounted for as derivative liabilities, not equity assets.
Gores management said the Forms 10-Q will be submitted “as soon as reasonably practicable” to regain compliance with the exchange.
