Business Context and Reporting Period
This Form 8-K is filed by Churchill Capital Corp IV (the "Company"), a special purpose acquisition company (SPAC) associated with Lucid Group, Inc., for the reporting period ending May 25, 2021. The filing addresses a compliance issue regarding the Company's listing status on the New York Stock Exchange (NYSE).
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current event disclosure rather than a financial performance statement.
Material Changes
The primary material event is the receipt of a notice from the NYSE on May 25, 2021, stating the Company was not in compliance with continued listing requirements under Section 802.01E of the NYSE Listed Company Manual. The non-compliance was due to the failure to timely file the Quarterly Report on Form 10-Q for the period ended March 31, 2021, by the extended deadline of May 24, 2021.
Outlook, Risks, and Management Commentary
- Listing Status: The notice had no immediate effect on the listing of the Company's stock (Units CCIV.U, Shares CCIV, Warrants CCIV WS) on the NYSE.
- Remediation: The Company was granted a six-month window to file the delinquent Q1 Form 10-Q to regain compliance.
- Resolution: Subsequent to the notice, the Company filed the Q1 Form 10-Q on May 28, 2021. Management expects to regain compliance with NYSE listing rules upon the availability of this filing on the SEC website, anticipated around June 1, 2021.
- Risk: Failure to file within the six-month grace period could result in delisting.
Investor Verification Checklist
- Verify the availability and contents of the Q1 Form 10-Q for the period ended March 31, 2021, on the SEC website.
- Confirm the Company's current compliance status with NYSE listing rules following the May 28, 2021 filing.
- Review the attached Press Release (Exhibit 99.1) for additional management commentary on the delay.
- Monitor future filings to ensure no further delays in periodic reporting occur.