Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On May 28, 2021, Duddell Street Acquisition Corp. (the "Company") received a
notification letter from the Nasdaq Capital Market ("Nasdaq") indicating that it
is not in compliance with Section 5250(c)(1) of the Nasdaq Rules and Regulations
as a result of its failure to timely file the Form 10-Q for the fiscal quarter
ended March 31, 2021 (the "Form 10-Q").
As previously disclosed in the Form 12b-25 filed by the Company on May 17, 2021,
on April 12, 2021, the staff of the Securities and Exchange Commission ("SEC")
issued a public statement entitled "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. The Company is reviewing the impacts of the Statement,
together with its professional advisors, on the Company's unaudited financial
statements for the quarterly period ended March 31, 2021. The foregoing, as well
as the time and dedication of resources needed to prepare the Form 10-Q, in
turn, has resulted in the Company's delay in filing its Form 10-Q with the SEC
by the prescribed deadline.
Under Nasdaq's rules, the Company has 60 calendar days from the date of the
notification letter to submit to Nasdaq a plan to regain compliance. If Nasdaq
accepts the Company's plan, then Nasdaq may grant the Company up to 180 days
from the prescribed due date for filing the Form 10-Q to regain compliance. If
Nasdaq does not accept the Company's plan, then the Company will have the
opportunity to appeal that decision to a Nasdaq hearings panel. The Company
intends to file its 10-Q as promptly as practicable to cure the deficiency
outlined in the letter from Nasdaq.
As required by the Nasdaq rules, on June 1, 2021, the Company issued a press
release regarding the matters described in this Item 3.01. A copy of the press
release is included as Exhibit 99.1 to this Current Report and incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release, dated June 1, 2021
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