Bal Harbour, FL, June 3, 2021 (GLOBE NEWSWIRE) – Sports Ventures Acquisition Corp. (NASDAQ: AKIC) (the “Company”) announced today that it has obtained (“Notice”) from the Nasdaq (“Nasdaq”) Stock Exchange from the List Ratings Department because it failed to record its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the “Form 10-Q”) in a timely manner. does not meet the continued needs of Nasdaq’s board of directors as set forth in the appropriate filing criteria set forth in Nasdaq Listing Rule 5250(c)(1).
As stated through the Company in its Form 12b-25 registered with the Securities and Exchange Commission (the “SEC”) on May 17, 2021, the Company was unable to register its Form 10-Q due to industry-related uncertainty over time in the technical accounting remedy of standard public and personal orders issued through special purpose companies. The era of extension under Rule 12b-25 expired on May 24, 2021. La Company was unable to meet the filing deadline for its Form 10-Q due to the Company’s conclusion that its extraordinary warranties deserve to be identified as a liability and the scope and procedure of updating the Company’s monetary statements accordingly.
Under Nasdaq rules, the company has 60 calendar days from receipt of the account (May 28, 2021) or until July 27, 2021 to submit a plan to repair compliance with the rule. waiver of up to 180 calendar days from the due date of Form 10-Q (May 24, 2021) or until November 22, 2021, to repair compliance. However, Nasdaq cannot be guaranteed to accept the Company’s repair plan. compliance or that the Company may repair compliance within any era of extension granted through Nasdaq. If Nasdaq disagrees with the Company’s plan, the Company will have the opportunity to appeal this ruling to a Nasdaq panel hearing.
As noted above, the Corporation is diligently executing to complete its Form 10-Q. The Company intends to register Form 10-Q as soon as possible to comply with nasdaq directory rules.
About Sports Ventures Acquisition Corp.
Sports Ventures Acquisition Corp. es a blank check corporation organized for the purpose of wearing down a merger, percentage exchange, asset acquisition, percentage purchase, recapitalization, reorganization, or other similar business mix with one or more corporations or entities. operating primarily in the sports, media and entertainment sectors, adding classic and emerging sports, as well as film and television production and infrastructure.
Forward-looking statements
This press release would possibly include, and orals made from time to time through representatives of the Company would possibly include, “prospectuses” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act Foreign Exchange Act of 1934, as amended. Statements regarding imaginable business combinations and their financing, and similar matters, and all other non-ancient fact included in this press release are forward-looking. When used in this press release, words such as “anticipate”, “believe”, “continue”, “may also simply”, “estimate”, “expect”, “pretend”, “may also simply”, “may also simply “,” You can also simply “,” plan “,” imaginable “,” prospective “,” anticipate “,” allocation “,” deserve “,” would “and similar expressions, with respect to us or our control team, identify prospects. These forward-looking statements are based on control ideals, as well as assumptions made through the Company’s control and current data. The actual effects may also differ materially from those considered in prospectuses due to certain points detailed in documents filed through the Company with the SEC. All of the following written or oral prospectuses attributable to us or to persons acting on our behalf are qualified in their entirety through this paragraph. Looking ahead is subject to many conditions, many of which are beyond the control of the Company, adding those established by you. t in the Risk Factors segment of the Company’s registration and prospectus for the Initial Public Offering. of the Company filed with the SEC. The Company assumes no legal responsibility to update those emails for revisions or adjustments after the date of this publication, unless required by law.
Contact: Daniel Strauss Sports Ventures Acquisition Corp 786-650-0074contact@sportsventuresacq. com