NORTH PALM BEACH, Fla., Could 28, 2021 /PRNewswire/ — Sports activities Leisure Acquisition Corp. (NYSE: SEAH.U) (the “Firm”) introduced right now that it has decided to restate its 2020 monetary statements (the “Non-Reliance Interval”) in mild of the U.S. Securities and Alternate Fee’s (the “SEC”) just lately issued “Employees Assertion on Accounting and Reporting Concerns for Warrants Issued by Particular Goal Acquisition Firms (“SPACs”)” (the “Employees Assertion”). This Employees Assertion issued on April 12, 2021 knowledgeable market contributors that warrants issued by SPACs and former SPACs might have to be reclassified as liabilities with non-cash truthful worth changes recorded in earnings at every reporting interval. The Firm had beforehand categorized its issued warrants as fairness. The Firm at present expects that the reclassification of the warrants can have no impression on its historic liquidity, money flows or revenues.
The Firm is working diligently with its auditors as a way to finalize and to file a second modification to its Annual Report on Kind 10-Ok/A for the yr ended December 31, 2020 (the “Kind 10-Ok/A”) reflecting the reclassification of the warrants for the Non-Reliance Interval as quickly as practicable. The changes to the monetary assertion objects for the Non-Reliance Interval can be set forth by means of disclosures within the monetary statements included within the Kind 10-Ok/A.
Given the time and focus devoted to the restatement course of and the completion and submitting of the Firm’s Kind 10-Ok/A, the Firm requires further time to finish its customary quarterly assessment and reporting course of and the submitting of its Kind 10-Q for the primary quarter ended March 31, 2021 (the “Kind 10-Q”) and was unable to file the Kind 10-Q by the Could 17, 2021 deadline. Because of this, the Firm acquired a discover on Could 25, 2021 from the New York Inventory Alternate (the “NYSE”) indicating that the Firm isn’t in compliance with the NYSE’s continued itemizing necessities beneath the well timed submitting standards established in Part 802.01E of the NYSE Listed Firm Guide. The Kind 10-Q can be filed as quickly as is practicable after the submitting of the Kind 10-Ok/A.
About Sports activities Leisure Acquisition Corp.
Sports activities Leisure Acquisition Corp. is a particular goal acquisition firm fashioned for the aim of effecting a merger, capital inventory trade, asset acquisition, inventory buy, reorganization or related enterprise mixture with a number of companies. Whereas the Firm might pursue an preliminary enterprise mixture with an organization in any enterprise, trade, sector or geographical location, it intends to focus its search on the sports activities and leisure sectors in addition to the know-how and companies which are related to these verticals.
This press launch might embrace “forward-looking statements” throughout the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Alternate Act of 1934, as amended. All statements apart from statements of historic reality included on this press launch are forward-looking statements. When used on this press launch, phrases resembling “anticipate,” “consider,” “estimate,” “count on,” “intend” and related expressions, as they relate to us or our administration crew, determine forward-looking statements. Such forward-looking statements are primarily based on the beliefs of administration, in addition to assumptions made by, and data at present obtainable to, the Firm’s administration. Precise outcomes might differ materially from these contemplated by the forward-looking statements on account of sure components detailed within the Firm’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or individuals appearing on our behalf are certified of their entirety by this paragraph. Ahead-looking statements are topic to quite a few circumstances, a lot of that are past the management of the Firm, together with these set forth within the Danger Elements part of the Firm’s registration assertion and prospectus referring to the Firm’s preliminary public providing filed with the SEC. The Firm undertakes no obligation to replace these statements for revisions or adjustments after the date of this launch, besides as required by regulation.
Sports activities Leisure Acquisition Corp.
SOURCE Sports activities Leisure Acquisition Corp.