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CAMBRIDGE, Mass. — Turmeric Acquisition Corp. (NASDAQ: TMPM) (the “Firm”) in the present day introduced that it acquired a deficiency letter from the NASDAQ Capital Market (“NASDAQ”) referring to the Firm’s failure to well timed file its Quarterly Report on Type 10-Q for the quarter ended March 31, 2021 (the “Type 10-Q”) as required beneath Part 5250(c) of the NASDAQ Guidelines and Laws.
On April 12, 2021, the workers of the Securities and Alternate Fee (“SEC”) issued “Employees Assertion on Accounting and Reporting Concerns for Warrants Issued by Particular Objective Acquisition Corporations (“SPACs”)” (the “Assertion”), which clarified steering for all SPAC-related corporations concerning the accounting and reporting for his or her warrants. The immediacy of the efficient date of the brand new steering set forth within the Assertion has resulted in a major variety of SPACs re-evaluating the accounting remedy for his or her warrants with their skilled advisors, together with auditors and different advisors accountable for helping SPACs within the preparation of economic statements. This, in flip, has resulted within the Firm’s delay in making ready and finalizing its monetary statements as of and for the quarter ended March 31, 2021 and submitting its Type 10-Q with the SEC by the prescribed deadline.
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Underneath NASDAQ Itemizing Rule 5810(c)(2)(F)(i), the Firm typically has till 60 calendar days from the date of the deficiency letter to undergo NASDAQ a plan (the “Compliance Plan”) to regain compliance with the NASDAQ Itemizing Guidelines. The Firm intends to submit the Compliance Plan as quickly as practicable.
The Firm believes the change in SEC steering doesn’t have an effect on its technique to accumulate a goal enterprise or monetary efficiency. The Firm is in compliance with all different NASDAQ continued itemizing requirements. The Firm expects to file the Type 10-Q within the very close to time period and doesn’t foresee any threat of non-compliance with the NASDAQ 60-day remediation timeframe.
Cautionary Assertion Relating to Ahead-Trying Statements
Sure statements on this press launch are “forward-looking statements” throughout the that means of Part 21E of the Securities Alternate Act of 1934, as amended, and are topic to the secure harbor created thereby. In some instances, forward-looking statements could be recognized by terminology resembling “could,” “will,” “might,” “would,” “ought to,” “anticipate,” “plan,” “anticipate,” “intend,” “imagine,” “estimate,” “predict,” “potential,” “outlook,” “steering” or the unfavorable of these phrases or different comparable terminology. These statements are primarily based on the present beliefs and expectations of the Firm’s administration and are topic to vital dangers and uncertainties. The above statements concerning the affect of the Assertion on the Firm’s monetary statements, in addition to the impact of the revision on any periodic SEC filings, together with the timing of submitting the Type 10-Q, represent forward-looking statements which can be primarily based on the Firm’s present expectations. As a result of these forward-looking statements contain dangers and uncertainties, there are necessary elements that might trigger future occasions to vary materially from these within the forward-looking statements, lots of that are outdoors of the Firm’s management. These elements embrace, however will not be restricted to, a wide range of threat elements affecting the Firm’s enterprise and prospects, see “Merchandise 1A. Danger Elements” within the Firm’s Annual Report on Type 10-Okay filed with the SEC on March 31, 2021 and subsequent experiences filed with the SEC, as amended now and again. Any forward-looking statements are made solely as of the date hereof, and until in any other case required by relevant securities legal guidelines, the Firm disclaims any intention or obligation to replace or revise any forward-looking statements, whether or not because of new info, future occasions or in any other case.
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Kellie J. Neville
Director of Investor Relations
MPM Asset Administration LLC