Business Wire

Stemming from SEC Guidance Concerning Balance Sheet Treatment of Warrants, Avanti Acquisition Corp. Announces Receipt of NYSE Continued Listing Standard Notice

Share

Avanti Acquisition Corp. (NYSE: AVAN) (the “Company”) today announced that it received a formal notice of non-compliance from the New York Stock Exchange (the “NYSE”) relating to the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the “Form 10-Q”) as required under the timely filing criteria established in Section 802.01E of the NYSE Listed Company Manual.

On April 12, 2021, the staff of the Securities and Exchange Commission (“SEC”) issued “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “Statement”), which clarified guidance for all SPAC-related companies regarding the accounting and reporting for their warrants. The immediacy of the effective date of the new guidance set forth in the Statement has resulted in a significant number of SPACs re-evaluating the accounting treatment for their warrants with their professional advisors, including auditors and other advisors responsible for assisting SPACs in the preparation of financial statements. This, in turn, has resulted in the Company’s delay in preparing and finalizing its financial statements as of and for the quarter ended March 31, 2021 and filing its Form 10-Q with the SEC by the prescribed deadline.

Under NYSE rules, the Company generally has six months following receipt of the notification of non-compliance to regain compliance with the continued listing standard, subject to any extensions by NYSE.

The Company believes the change in SEC guidance does not affect its strategy to acquire a target business or financial performance. The Company is in compliance with all other NYSE continued listing standards. The Company expects to file the Form 10-Q in the very near term and does not foresee any risk of non-compliance with the NYSE six-month remediation timeframe.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “guidance” or the negative of those terms or other comparable terminology. These statements are based on the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. The above statements regarding the impact of the Statement on the Company’s financial statements, as well as the effect of the revision on any periodic SEC filings, including the timing of filing the Form 10-Q, constitute forward-looking statements that are based on the Company’s current expectations. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause future events to differ materially from those in the forward-looking statements, many of which are outside of the Company’s control. These factors include, but are not limited to, a variety of risk factors affecting the Company’s business and prospects, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2021 and subsequent reports filed with the SEC, as amended from time to time. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media inquiries:
Johann Dumas
+1 (345) 814-5831
contact@avanti-acquisition.com
Avanti Acquisition Corp

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Brazil Tests the World's First Facial Recognition Shuttle Service16.6.2021 14:30:00 EEST | Press release

The Project Embarque + Seguro 100% Digital Boarding System, using the Brazilian government’s facial recognition, arrives this Tuesday (June 15) at the Congonhas Airport (SP). For the first time in the world, passengers on the air shuttle service between the capitals of São Paulo and Rio de Janeiro will participate in the simultaneous testing of this end-to-end technology without the need to present neither a boarding pass nor an identification document. The Project of the Ministry of Infrastructure, developed in partnership with Serpro and the Special Secretariat of Debureaucratization, Management and Digital Government of the Ministry of Economy, has already been tested at the airports of Florianópolis (SC), Salvador (BA), Santos Dumont (RJ) and Belo Horizonte (Confins). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210616005505/en/ (Photo: Business Wire) After the approval of the pilot project, the Federal Government will

Go for Goal at Golden Euro Casino16.6.2021 14:01:00 EEST | Press release

The UEFA European Football Championship kicked off over the weekend and already it looks set to be one of the most thrilling tournaments in recent history. But to make the contest even more exciting, Golden Euro is running a special promotion. Players at the popular online casino are being given the chance to go for goal with 21 Free Spins each day on Realtime Gaming’s Football Fortunes. The promo runs until 11 July and you can win a up to €25 every day from the Free Spins, which can be activated with the code EURO21. Football Fortunes has an incredible line-up of bonus features, including Wilds, Multipliers, Free Spins, three different game modes – Rhino, Fortune and Penalty Kick – and not one but two progressive jackpots that seed at €1,600 and €970. The Rhino mode is triggered when three, four or five Mascot Scatter symbols land anywhere on the reels, triggering 8, 10-25 or 50-100 Free Spins respectively. All wins are tripled while Rhino mode is active, and Ball Wilds can appear gro

Enevate's Next Generation Battery Technology Provides Lower Carbon Footprint During Electric Vehicle (EV) Manufacturing16.6.2021 14:00:00 EEST | Press release

Enevate, a pioneering battery innovation company featuring extreme fast charge and high energy density battery technologies for electric vehicles (EVs) and other markets, delivers up to 27 percent reduction of carbon dioxide (CO2) emissions for manufacturing of EV batteries with Enevate's XFC-EnergyTM technology compared to today's conventional lithium-ion EV batteries (21 percent for NCA and 27 percent for NMC cells [kg CO2 eq. cradle-to-gate, per 1 KWh cell capacity]).1 These accomplishments have the potential to lower an EV's carbon footprint at the start of life, which is significant because battery manufacturing is the highest contributor of CO2 emissions for the manufacturing of an EV. Enevate utilizes a higher energy density material and an innovative, ultra-thin multi-layer design in its large format EV cells that meet the demanding EV specifications. Enevate's battery technology strives to provide EV and battery companies with a process for taking measurable, cost-effective st

Distrupol Acquires Lautrup Chemicals16.6.2021 13:36:00 EEST | Press release

Distrupol, a leading European distributor of thermoplastics and elastomers to the polymer processing industry and an affiliate of GPD Companies, Inc. (“GPD”), today announced that it has acquired Lautrup Chemicals A/S (“Lautrup Chemicals” or the “Company”). Terms of the transaction were not disclosed. Founded in 1982 by Chief Executive Officer and President Hans Lautrup, Lautrup Chemicals is the leading distributor of polymers in Scandinavia. The Company provides a broad portfolio of high-quality polymer products from premier suppliers to a diverse client base across the Nordic region as well as Eastern and Southern Europe. Headquartered in Copenhagen, Denmark, Lautrup Chemicals has a highly qualified team and network of strategically located distribution warehouses throughout the continent, designed to provide safe and efficient product delivery. “Over nearly 40 years, Lautrup Chemicals has established an incredible reputation for providing exceptional service, an expansive product po

The EUROGLIDER Autonomous Electric Glider Project Takes Off16.6.2021 12:22:00 EEST | Press release

The result of an innovative partnership involving the European Association for the Development of Gliding (AEDEVV), Dassault Aviation and the engineering schools of the ISAE Group, the EUROGLIDER project aims to develop an electrically powered two-seater glider for training, release and practice. At the crossroads of several technological challenges, the project is currently in the experimental test phase and will shortly begin preparations for its industrial phase. The ambition of this glider is to be able to carry out complete instructional flights autonomously without having to wait for favorable aerological conditions and while preserving the environment. The EUROGLIDER project attempts to satisfy the requests of the European gliding training centers. Because of a long waiting period, nearly 2/3 of the new registrants give up before their first "solo" flight. Thanks to its electric propulsion, the EUROGLIDER will be able to link several training flights of more than 40 minutes in a

Guidewire Wins Three XCelent Awards for Claims in EMEA16.6.2021 12:00:00 EEST | Press release

Guidewire Software, Inc. (NYSE: GWRE), the platform general insurers trust to engage, innovate, and grow efficiently, today announced that ClaimCenter has been named a winner of three awards in Celent’s P&C Claims Systems Vendors in EMEA, 2021 Edition. ClaimCenter was recognised as the top solution amongst the 20 core claims solutions evaluated, in the Breadth of Functionality, Customer Base, and Depth of Customer Service categories. An extract from the report can be read here. "The key story with the release of Aspen is the step change in how InsuranceSuite will be delivered to customers. In addition to the cloud investment and the push towards Guidewire Cloud services, there is the increased cadence of releases - perhaps the greatest change to ClaimCenter in its lifetime," said Craig Beattie, senior analyst, Celent, and report author. "Overall, ClaimCenter remains the strongest performing claims system in the European market." "We are honoured to receive this recognition from Celent,

Procuritas Creates New IT Services Platform in Finland16.6.2021 11:00:00 EEST | Press release

Procuritas Capital Investors VI (“Procuritas”) today announces the launch of Frendy, a new IT services platform based in Finland. The new company has been created through the acquisition of twelve IT services businesses across the country. After the transaction, Procuritas will become the majority shareholder, with the current entrepreneurial teams continuing in the day-to-day management of their local businesses with significant minority ownership of the wider company. Frendy will deliver IT services for SME companies in Finland, a target market of more than €1 billion per annum. At inception, the company will have 160 employees in 16 locations across Finland and will be headquartered in Helsinki, with revenues in excess of €33 million. Jussi Holopainen, Investment Manager at Procuritas, commented, “We are delighted to have completed the formation of Frendy. It is a really exciting opportunity for Procuritas to create a new company in this sizeable fragmented market currently serving

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom