Business Context and Reporting Period
Company: Capitol Investment Corp. IV (Note: Input metadata referenced "Custom Truck One Source, Inc.", but the filing text explicitly identifies the registrant as Capitol Investment Corp. IV).
Filing Type: Form 8-K (Current Report)
Date of Report: October 3, 2018
Business Context: The registrant is a listed acquisition company (SPAC) incorporated in the Cayman Islands. The filing addresses a regulatory notice regarding compliance with New York Stock Exchange (NYSE) listing standards.
Key Financial Metrics
This filing is a current report regarding listing compliance and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metrics.
Material Changes
- Listing Status Change: The Company received a notice from NYSE Regulation stating it is not in compliance with Section 802.01B of the NYSE Listed Company Manual.
- Reason for Noncompliance: The Company failed to maintain at least 300 public stockholders on a continuous basis.
- Trading Indicator: Class A ordinary shares, warrants, and units (symbols: CIC, CIC.WS, CIC.U) will bear the ".BC" indicator on the consolidated tape to denote noncompliance with quantitative continued listing standards.
Guidance, Outlook, and Risks
- Remediation Plan: The Company must submit a plan to regain compliance within 45 days. The plan must demonstrate how compliance will be achieved within 18 months (by April 3, 2020).
- Management Outlook: Management anticipates satisfying the requirement once a target business is located for an initial business combination.
- Risks and Contingencies:
- If the NYSE Listing Operations Committee does not accept the plan, the Staff may commence suspension and delisting procedures.
- Forward-looking statements regarding the ability to locate a target and regain compliance are subject to risks and uncertainties.
Investor Verification Checklist
- Verify the current number of public stockholders to confirm the extent of the deficiency.
- Monitor the submission of the compliance plan to the NYSE within the 45-day deadline.
- Track the ".BC" trading indicator on the NYSE for symbols CIC, CIC.WS, and CIC.U.
- Review subsequent filings for updates on the search for a target business combination.
- Confirm the distinction between this registrant (Capitol Investment Corp. IV) and the metadata reference (Custom Truck One Source, Inc.).