Business Context and Reporting Period
This Form 8-K is filed by East Resources Acquisition Company (not Abacus Global Management, Inc., as noted in the metadata request) on January 9, 2023. The registrant is a Special Purpose Acquisition Company (SPAC) incorporated in Delaware, with securities trading on The NASDAQ Stock Market LLC under the symbols ERESU, ERES, and ERESW.
Key Financial Metrics
This filing is a current report regarding a listing compliance issue and does not contain financial statements. Consequently, there are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
- Listing Deficiency: The Company received a notice from NASDAQ stating it failed to hold an annual meeting of stockholders within 12 months after its fiscal year ended December 31, 2021, violating NASDAQ Listing Rule 5620(a).
- Compliance Timeline: The Company has 45 calendar days (until February 23, 2023) to submit a plan to regain compliance. If accepted, it may have up to 180 days from its fiscal year end (until June 29, 2023) to fully comply.
Guidance, Outlook, and Management Commentary
Management intends to submit a compliance plan to hold a special meeting of stockholders. This meeting will consider and vote on matters related to the Company's proposed business combination with Longevity Market Assets, LLC and Abacus Settlements, LLC, which will serve in lieu of the 2022 annual meeting. The Company expects its securities to continue trading on NASDAQ while the compliance plan is pending. The filing includes standard forward-looking statement disclaimers regarding the uncertainty of achieving these results.
Investor Verification Checklist
- Verify the status of the proposed business combination with Longevity Market Assets, LLC and Abacus Settlements, LLC.
- Confirm the submission of the compliance plan to NASDAQ by the February 23, 2023 deadline.
- Monitor for the scheduling of the special stockholder meeting to replace the missed 2022 annual meeting.
- Check for any subsequent notices from NASDAQ regarding the acceptance or rejection of the compliance plan.