Business Context and Reporting Period
This Form 8-K is filed by SportsMap Tech Acquisition Corp. (not Multisensor AI Holdings, Inc.) on May 25, 2022. The registrant is a Delaware corporation and an emerging growth company. Its securities (Units, Common Stock, and Warrants) trade on The NASDAQ Stock Market LLC under the symbols SMAPU, SMAP, and SMAPW, respectively.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on regulatory compliance status rather than financial performance data.
Material Changes and Compliance Status
The Company received a notice from the Nasdaq Listing Qualifications Department indicating non-compliance with Nasdaq Listing Rule 5250(c)(1). The specific deficiencies are:
- Failure to timely file the Quarterly Report on Form 10-Q for the period ended March 31, 2022.
- Remaining delinquent in filing the Annual Report on Form 10-K for the year ended December 31, 2021.
Outlook, Risks, and Management Commentary
Compliance Timeline: The Company has until June 20, 2022 to submit a plan to regain compliance. If Nasdaq accepts the plan, the Company may be granted an exception of up to 180 calendar days from the Form 10-K due date, extending the deadline to October 12, 2022.
Risk of Delisting: Failure to submit an acceptable plan or regain compliance within the granted timeframe may result in the delisting of the Company's securities from The Nasdaq Capital Market.
Investor Verification Checklist
- Verify the current filing status of the Form 10-Q (ended March 31, 2022) and Form 10-K (ended December 31, 2021) on the SEC EDGAR database.
- Monitor for the submission of a compliance plan to Nasdaq by June 20, 2022.
- Confirm whether the Company has received an extension from Nasdaq to file the delinquent reports by October 12, 2022.
- Review the press release dated May 27, 2022 (Exhibit 99.1) for additional management commentary.