SEC Form 8-K Summary
Registrant: KINS Technology Group Inc. (the provided metadata identifies Cxapp Inc., but the filing names KINS Technology Group Inc.)
Report date: May 28, 2021; filed June 4, 2021. The filing concerns the quarter ended March 31, 2021.
Business Context and Reporting Period
KINS Technology Group Inc. is a special purpose acquisition company whose securities were listed on Nasdaq under the symbols KINZU, KINZ, and KINZW. The company filed this Form 8-K to report a Nasdaq notice arising from its failure to timely file its Form 10-Q for the quarter ended March 31, 2021.
Financial Metrics and Liquidity
This Form 8-K does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating financial metrics. The delayed Form 10-Q was attributed to the company’s review of the appropriate accounting treatment for its outstanding warrants under the SEC staff statement issued April 12, 2021, and ASC 815-40.
Material Changes Versus the Prior Comparable Period
- The company did not timely file its Form 10-Q for the quarter ended March 31, 2021.
- The filing text does not provide comparative financial results or quantify any accounting impact from the warrant review.
Guidance, Outlook, Risks, and Unusual Items
- On May 28, 2021, Nasdaq notified the company that it was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the SEC.
- The company could regain compliance by filing the Form 10-Q before July 27, 2021.
- If the Form 10-Q was not filed by that date, the company could submit a compliance plan, and Nasdaq could grant an extension at its discretion.
- Nasdaq stated that it could commence delisting proceedings at any time if circumstances warranted.
- Management stated that it planned to file the Form 10-Q as soon as practicable and no later than July 27, 2021, but provided no assurance regarding timing.
- The unusual accounting issue involved determining the proper classification and accounting treatment of outstanding SPAC warrants under applicable SEC guidance and ASC 815-40.
- The filing includes customary forward-looking statement cautions and refers investors to the company’s SEC filings for risk factors.
Important Facts for Investors to Verify
- Whether and when the delayed Form 10-Q for the quarter ended March 31, 2021 was filed.
- The final accounting treatment and financial statement impact of the outstanding warrants.
- Whether Nasdaq confirmed restoration of compliance or initiated delisting proceedings.
- The company’s financial condition, cash position, liabilities, and operating results, which are not provided in this Form 8-K.
- The apparent discrepancy between the requested company name, Cxapp Inc., and the registrant named in the filing, KINS Technology Group Inc.