Perception Capital Corp. IV Faces Delinquency Notice from NYSE
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Perception Capital Corp. IV Receives Notice of Filing Delinquency
Perception Capital Corp. IV (NYSE: RCFA), a prominent special purpose acquisition corporation, has recently been notified by the New York Stock Exchange (NYSE) regarding a filing delinquency. This notice, received on August 21, signals that the company has not filed its Quarterly Report on Form 10-Q for the quarter concluding June 30, 2024. This lapse in compliance violates the continued listing requirements as stipulated under Section 802.01E of the NYSE Listed Company Manual, which mandates timely submissions of periodic reports to the Securities and Exchange Commission (SEC).
Impact of Filing Delinquency
The consequences of this delinquency do not entail an immediate impact on the trading of Perception Capital Corp. IV's securities on the NYSE. As an immediate action, the corporation is actively engaging in the process established by the NYSE to rectify the compliance issues. The management is fully committed to submitting the necessary documentation as swiftly as possible to restore good standing.
Company's Response to Compliance Issues
In a prior statement, as noted in its Current Report on Form 8-K dated August 26, the company acknowledged discrepancies in its financial statements that were included in its Annual Report on Form 10-K for the fiscal year ending December 31, 2023, as well as in its Quarterly Report on Form 10-Q for the quarter ending March 31, 2024. Consequently, Perception Capital intends to amend its Form 10-K and restate the relevant financial period in its upcoming Form 10-Q for the quarter ending June 30, 2024. These actions are part of the company's strategy to regain compliance with SEC requirements.
About Perception Capital Corp. IV
Perception Capital Corp. IV operates as a special purpose acquisition corporation (SPAC). The unique structure of SPACs allows them to raise capital through an initial public offering with the intention of acquiring one or more businesses in the future. This model is particularly appealing to investors looking for opportunities in emerging markets or sectors.
Regaining Compliance with NYSE
To navigate the current situation, Perception Capital Corp. IV is diligently working to file the necessary reports to the SEC, and this includes addressing the financial statement errors comprehensively. The resolution of these matters is crucial for maintaining stakeholder trust and ensuring compliance with regulatory standards required for NYSE listing.
Future Outlook for Perception Capital Corp. IV
As Perception Capital Corp. IV works toward compliance, it remains focused on its strategic goals and investment opportunities. The company is leveraging its expertise in identifying potential acquisitions that align with its objectives of enhancing shareholder value. The future trajectory of the corporation will heavily depend on its ability to resolve current issues while executing its core business strategy effectively.
Frequently Asked Questions
What caused Perception Capital Corp. IV to receive a delinquency notice?
The delinquency notice was due to the company's failure to file its Quarterly Report on Form 10-Q with the SEC for the quarter ending June 30, 2024.
How does the filing delinquency affect the company's stock?
Currently, the filing delinquency does not have an immediate effect on the listing of Perception Capital Corp. IV's securities on the NYSE.
What steps is Perception Capital Corp. IV taking to regain compliance?
The company is actively working to submit the overdue reports and plans to amend its previous financial statements to address errors.
What is a special purpose acquisition corporation (SPAC)?
A SPAC is a type of investment vehicle that raises capital through an IPO to finance the acquisition of an existing company.
Who can be contacted for more information regarding Perception Capital Corp. IV?
For inquiries, individuals can reach out to Rick Gaenzle, the Chief Executive Officer of Perception Capital Corp. IV, via email at investors@perceptioncapitalpartners.com.
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