Trisalus Life Sciences, Inc. current report, 02 June 2021

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Filing Summary

Registrant: MedTech Acquisition Corporation, although the request metadata identifies Trisalus Life Sciences, Inc. The filing is a Form 8-K dated June 2, 2021, reporting events related to the quarter ended March 31, 2021.

Business Context and Reporting Period

MedTech Acquisition Corporation is a special purpose acquisition company with securities listed on Nasdaq under MTACU, MTAC, and MTACW. The company reported a delay in filing its Form 10-Q for the quarter ended March 31, 2021.

Financial Metrics and Liquidity

The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating financial metrics. The Form 10-Q was not included and had not been filed as of this report.

Material Changes Versus the Prior Comparable Period

  • The company required additional time to complete its Form 10-Q following the SEC staff statement addressing accounting and reporting considerations for SPAC warrants.
  • 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 financial reports.

Outlook, Risks, and Unusual Items

  • The Nasdaq notice had no immediate effect on the listing or trading of the company’s securities.
  • The company had until July 26, 2021, to submit a plan to regain compliance.
  • If Nasdaq accepted the plan, the company could receive an extension of up to 180 calendar days from the Form 10-Q due date of May 24, 2021, potentially through November 22, 2021.
  • There was no assurance that Nasdaq would accept the plan or that the company would regain compliance within any extension period.
  • If Nasdaq rejected the plan, the company could appeal to a Nasdaq hearings panel.
  • Management stated that it was working to complete and file the Form 10-Q as soon as practicable.

Important Facts to Verify

  • Whether the Form 10-Q for the quarter ended March 31, 2021 was subsequently filed and the Nasdaq deficiency was cured.
  • The accounting treatment and valuation impact of the company’s warrants following the SEC staff statement.
  • Whether Nasdaq granted an extension or initiated delisting proceedings.
  • The correct issuer identity, since the filing names MedTech Acquisition Corporation rather than Trisalus Life Sciences, Inc.