SEC Filing Summary: 890 5th Avenue Partners, Inc.
Business Context and Reporting Period
This Form 8-K was filed on May 28, 2021, by 890 5th Avenue Partners, Inc., a Special Purpose Acquisition Company (SPAC) incorporated in Delaware. The filing addresses a compliance issue regarding the timely submission of its Quarterly Report on Form 10-Q for the period ended March 31, 2021. The company's securities trade on The Nasdaq Stock Market LLC under the symbols ENFAU, ENFA, and ENFAW.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on regulatory compliance and accounting review procedures rather than reporting operational financial results.
Material Changes and Events
- Delayed 10-Q Filing: The company failed to file its Form 10-Q for the quarter ended March 31, 2021, on a timely basis.
- Reason for Delay: The delay stems from the need to re-evaluate the balance sheet as of January 14, 2021, and financial statements for the three months ended March 31, 2021. This review was necessitated by an April 12, 2021, SEC Staff Statement regarding accounting considerations for warrants issued by SPACs.
- Nasdaq Non-Compliance Notice: On May 28, 2021, the company received a notice from Nasdaq indicating non-compliance with Listing Rule 5250(c)(1) due to the late filing.
Outlook, Risks, and Management Commentary
Management states that the company is working diligently to file the Form 10-Q as soon as practicable. The Nasdaq notice has no immediate effect on the listing or trading of the company's securities. The company has 60 calendar days from the notice date to submit a plan to regain compliance. If the Form 10-Q is filed before the plan is due, the company believes it will regain compliance without submitting a plan. If a plan is submitted and accepted, Nasdaq may grant up to 180 calendar days from the original due date to regain compliance.
Key Facts for Investor Verification
- Verify the status of the Form 10-Q for the quarter ended March 31, 2021, and whether it has been filed.
- Confirm the outcome of the accounting review regarding the classification of warrants following the SEC Staff Statement.
- Monitor whether the company submits a compliance plan to Nasdaq within the 60-day window.
- Check for any subsequent delisting notices if the Form 10-Q is not filed within the extended grace period.