Benzinga | May 20, 2021 04:11PM EDT

The Beauty Health Company Receives Expected Notification From Nasdaq Related To Delayed Quarterly Report

The Beauty Health Company (NASDAQ:SKIN), formerly known as Vesper Healthcare Acquisition Corp. (the "Company"), today announced it received a notice on May 19, 2021 from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that as a result of the Company's failure to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the "Quarterly Report"), the Company no longer complies with the continued listing requirements set forth in Nasdaq Listing Rule 5250(c)(1). The notice has no immediate impact on the listing of the Company's securities, which will continue to trade on the Nasdaq Capital Market, subject to the Company's compliance with other applicable continued listing requirements.

As previously disclosed in the Current Report on Form 8-K filed by the Company on April 19, 2021 and in subsequent filings, on April 12, 2021, the Staff of the U.S. Securities and Exchange Commission (the "SEC") released the Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies ("SPACs") (the "Staff Statement"). The Staff Statement sets forth the conclusion of the SEC's Office of the Chief Accountant that certain provisions included in the warrant agreements entered into by many SPACs and former SPACs, such as the Company, require such warrants to be accounted for as liabilities measured at fair value, rather than as equity securities, with changes in fair value during each financial reporting period reported in earnings. The Company has previously classified its private placement warrants and public warrants as equity.